Indian chemicals firm Atul slides to 19-month low after weak Q2 results
BUZZ-Indian chemicals firm Atul slides to 19-month low after weak Q2 results ** Atul ATLP.NS drops as much as 8.1% to 19-month low of 5,124 rupees
** Stock last down 4.4%, among top three pct losers on Nifty 500 .NIFTY500 index, which is up 0.1%
** Chemicals maker fell 7.1% on Friday after nearly 13% quarterly profit decline
** ICICI Securities (BUY; 6,690 rupees) attributes drop to weak crop protection demand, compression in epoxy business spreads, and likely inventory losses
** Motilal Oswal (BUY; 7,100 rupees) reduces FY27 and FY28 earnings estimate by 6% each
** Expects ATLP will regain momentum on capacity expansion for key products, new projects and unrealised revenue potential from existing capacities
** ATLP rated "buy" on average by 11 brokerages, median PT 7,139 rupees -LSEG-compiled data
** YTD, stock down 13.3% vs 10.1% drop in NIFTY500
(Reporting by Vivek Kumar M)
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