India's Galaxy Surfactants rises as Nuvama positive on volume growth

Galaxy Surfactants

16/06/2023 08:45

** Shares of chemical maker Galaxy Surfactants Ltd  GALX.NS  rise as much as 3.6% to
2,924.65 rupees
    ** Brokerage Nuvama says Galaxy Surfactants' management expects 6%-8% volume growth despite
a challenging global macro environment
    ** Nuvama remains positive on Galaxy's business model, terms current weakness "transitory"
    ** Bottom line growth to be higher than that driven by operating leverage - Nuvama
    ** Brokerage adds co's oleochemicals segment is a strong beneficiary of shift towards
green chemistry
    ** About 22,373 shares change hands, equal to 30-day avg - Refinitiv Data
    ** Avg rating of 10 analysts at equivalent of "buy", with median PT of 3,012.50 rupees 
    ** Stock up ~18%, YTD


 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com))