India's Acutaas Chemicals rise after JM Financial resumes coverage with 'buy'
BUZZ-India's Acutaas Chemicals rise after JM Financial resumes coverage with 'buy' ** Shares of India's Acutaas Chemicals ACUA.NS rise as much as 5.6% to 3424 rupees
** JM Financial resumes coverage of co with "buy" rating, raises PT to 3,800 rupees from 2,125 rupees
** Brokerage cites strong growth in co's contract development and manufacturing business and rising contribution from newer specialty chemical businesses
** Sees volumes of Daro-V, an intermediate used in prostate cancer drug Nubeqa, growing about 3x by FY30, driving revenue from Nubeqa intermediates to about 17 billion rupees ($178.49 million)
** Brokerage expects specialty chemicals revenue to grow at ~45% CAGR by FY30, driven by higher-value electrolyte additives and semiconductor chemicals
** Stock has more than doubled over past 12 months
($1 = 95.2425 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
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