India Glycols set for seventh session of gain; Nuvama starts coverage with "buy"

India Glycols

22/07/2024 09:01

** Shares of chemicals maker India Glycols  IGLY.NS  rises
3.3% to 1,053.05 rupees, on track for seventh gaining session
    ** IGLY's measures including ethanol capacity addition,
divestment of stake in non-core businesses to help manage
cash-flows better, says Nuvama 
    ** Brokerage starts coverage on IGLY with "buy" and PT of
1,365 rupees, per LSEG
    ** Nuvama second brokerage to start coverage on IGLY after
Arihant Capital Markets, which also rates it "buy", per LSEG
    ** Expects healthy growth momentum on increase in supply of
Indian-made foreign liquor in four more states after Uttarakhand
and Uttar Pradesh
    ** Price hikes taken in country liquor Q4FY24 onwards to
also boost growth - Nuvama
    ** Stock up 37% YTD after a flat 2023
    

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))