India's Galaxy Surfactants declines after Nirmal Bang cuts to 'hold'

Galaxy Surfactants

23/12/2024 07:45

** Shares of Galaxy Surfactants Ltd  GALX.NS  drop 2.5% to
2,630.05 rupees
    ** Nirmal Bang downgrades chemicals maker from "buy" to
"hold" and cuts PT to 3,000 rupees from 3,300 rupees
    ** Surfactants are used in everything from cosmetics to
detergents and drugs
    ** Brokerage flags weak demand in its largest market – India
– and poor sales in its Africa, Middle East, Turkey (AMET)
region due to Red Sea disruptions
    ** Both markets form 70% of GALX's volumes, brokerage
estimates
    ** Adds, no major recovery likely in near term
    ** Twelve analysts tracking stock rate it "buy" on avg -
data compiled by LSEG
    ** Stock down ~3% so far this year
     

(Reporting by Nandan Mandayam in Bengaluru)
((mailto:Nandan.Mandayam@thomsonreuters.com; Mobile: +91
9591011727;))