India's Aarti Industries rises 3% on growth, demand view

Aarti Industries

31/03/2023 08:57

** Shares of specialty chemicals and pharmaceuticals
manufacturer Aarti Industries Ltd  ARTI.NS  rise as much as 3%
to 526.70 rupees, highest since March 21
    ** Domestic brokerage Nirmal Bang maintains "accumulate",
cuts PT to 550 rupees from 600 rupees
    ** Brokerage expects gradual demand recovery in FY24 and
growth to accelerate from FY25, aided by ramp-up of existing
capacities and new commissioning
    ** Kotak Institutional Equities says ARTI's impressive
manufacturing capabilities reflect serious efforts to upgrade
and should help co target prospective international customers 
    ** Trims earnings estimates for FY24 and FY25 due to
challenging macroeconomic conditions
    ** Phillip Capital reiterates buy rating with PT of 750
rupees, expects co to sustain volume growth led by multi-year
supply contracts and expansions despite demand uncertainties
    ** More than 1 mln shares traded by 1:09 p.m. IST, 1.4x
30-day avg of 739,844 shares
    ** 12 of 19 analysts on stock have "buy" or higher rating,
three have "hold", while four recommend "sell" or lower; median
PT is 730 rupees - Refinitiv data
    ** Stock down 16.2% so far this year, up to last close

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((Dimpal.Gulwani@thomsonreuters.com;))