Shares of Rain Industries on Friday witnessed a massive sell-off of over 7.80 per cent in the single session on the NSE, its worst intraday loss since June 20, 2022. There was a gap in the share price of Rain Industries on Friday and the chemical stock went on its intraday day. low 184.15 each, a decline of over 8 per cent in a single session. The chemical stock failed to recover from its intraday losses as it closed near its intraday lows and ended at 185.45 each level.
According to Share Market According to experts, the shares of Rain Industries fell due to the temporary closure of an operating unit in Europe. He said that the stock has given ‘Flag Pattern Breakdown’ yesterday and it may go up 140 epic levels in the near term. He advised stockholders of the stock to exit and re-enter at approx. 140 each level.
Rain Industries share crash: Experts told this reason
Speaking on the reason for the sharp decline in Shares of Rain IndustriesAvinash Gorakshakar, Head of Research, Profitmart Securities, said: “Rain Industries shares saw a sharp decline due to the temporary closure of an operating unit in Europe and the company developed an additional energy-related contingency plan for its other European production. Units in anticipation of possible natural gas shortage and price hike during the upcoming winter months as a result of unpredictable and unpredictable geopolitical environment. This is going to impact the chemical company’s revenue in the coming quarter and the market I am responding to this by closing my position. Scripps.”
Share Price Outlook of Rain Industries
further decline expected in chemical stockAnuj Gupta, Vice President – Research at IIFL Securities said, “Rain Industries shares gave flag pattern breakdown on Friday. Chemicals are placed on immediate support for the stock. 178 and those who have this stock in their portfolio are advised to maintain a strict stop loss on 178 and exit if there is any bounce in the stock after such a sharp sell-off on Friday. once it 178 support broken, stock may fall 140 levels. On the upside, immediate resistance for the stock is placed at 210 each level.”
Rain Industries latest news
Rain Carbon Inc., a leading global producer of carbon-based products and advanced materials, announced on Friday that it has temporarily closed an operating unit in Europe and added additional energy to its other European production units in anticipation of capacity. Developing a contingency plan. Natural gas shortages and rise in prices during the coming winter months as a result of the unpredictable and unpredictable geopolitical environment.
“Given the dire natural gas situation in Europe – the expected reduction in consumer demand during the colder months for some products and the risk of a continued rise in gas prices – we have conducted a thorough analysis of the energy-intensity of each production unit. Our European plants are further evaluating whether it makes economic sense to temporarily reduce or close additional production lines if the situation worsens,” said Rain Carbon President Gerry Sweeney.
Rain Carbon’s European footprint is essential to the company’s global operations, and these decisions are being made to ensure the long-term viability of operations. In addition, the Company is closely monitoring its suppliers and customers, as some of them are taking similar actions that may indirectly or directly affect operations. Any measures taken are expected to be temporary, and Rain Carbon remains fully committed to returning to full operations when the situation improves.
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