BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Nirmal Bang Report
We have upgraded UPL Ltd., Sumitomo Chemical India Ltd. and Coromandel International Ltd. on attractive growth fundamentals and valuations, which offset common headwinds related to dependence on weather, farm incomes and input cost inflation.
We maintain ratings on PI Industries Ltd. and Tata Chemicals Ltd.
The ratings have been assigned post the revised estimates/target price for our chemical universe of five stocks after rolling over our estimates to September 2023E and adding FY24E.
Tata Chemicals is set to gain from potential revival in the soda ash cycle, but may face interim cost pressures from high fuel and freight costs and slowdown in end-use sectors due to the new Covid-19 wave.
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