India's IOL Chemicals up after Antique Stock Broking raises target price

IOL Chemicals and Pharmaceuticals

10/05/2023 10:45

** IOL Chemicals and Pharmaceuticals Ltd  IOLC.NS  up nearly
3% at 404.50 rupees, set to snap a 3-day losing streak
    ** Brokerage Antique Stock Broking reiterates "buy" and
raises PT to 510 rupees from 440 rupees after IOL's Q4 results
    ** Two weeks back, IOL reported 3% Q4 rev growth, driven by
margin recovery in chemicals segment and favourable product mix
    ** Antique Stock Broking raises its Fy25 rev and EPS
estimates by 4% and 16%, respectively, betting on pharma segment
    ** Expects pharma rev to grow at 18% CAGR over the next
three years vs overall revenue CAGR of 9%
    ** Stock's gains helps it to swing to 1.5% growth for May,
after a 41% surge in April, its best month since July 2020

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))