India's Gujarat Fluorochemicals up as Investec initiates with 'buy'

Gujarat Fluorochemicals

29/08/2023 06:47

** Shares of Gujarat Fluorochemicals  GUJL.NS  up as much as
4.56% to 3036.2 rupees, highest since June 27
    ** Stock on track for highest intraday pct gain since Aug.
11
    ** Investec initiates coverage with "buy" rating and PT of
3,450, 19% higher than co's last close
    ** Investec PT over 8% lower than 7 analysts' avg PT of
3,761 rupees as per Refinitiv data
        ** Broker says demand for fluoropolymers, a key product
of co is expected to rise 7-8% from 2022-27, driven by demand in
new age industries
  
        ** New fluoropolymers and battery chemicals business
will drive growth for co with rising penetration of electric
vehicles in India - note
  
    ** About 101,000 shares traded as of 10:56 a.m. IST, 0.6x
30-day average
    ** Stock down 6.7% YTD as of last close

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))