Buy Fine Organic Industries, target price Rs 3250: Yes Securities

Yes Securities has buy call on Fine Organic Industries with a target price of Rs 3250. The current market price of Fine Organic Industries is Rs 3050.25.

Time period given by analyst is Intra Day when Fine Organic Industries Ltd. price can reach defined target.
Fine Organic Industries Ltd., incorporated in the year 2002, is a Mid Cap company (having a market cap of Rs 9334.89 Crore) operating in Chemicals sector.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 363.50 Crore, up 10.41 % from last quarter Total Income of Rs 329.23 Crore and up 50.49 % from last year same quarter Total Income of Rs 241.54 Crore. Company reported net profit after tax of Rs 36.47 Crore in latest quarter.

Investment Rationale
The stock is on the verge of a breakout from a consolidation phase resistance placed at Rs 3120 level. However, strong volume buildup in the run to breakout suggests that the breakout should follow. Technical indicator RSI crossing the 60-level is also suggesting that a successful breakout is on cards going forward.