Deepak Nitrite only preferred play in India's chemicals sector, Morgan Stanley says

Navin Fluorine International

04/09/2024 10:04

** Morgan Stanley says Deepak Nitrite  DPNT.NS  remains its
only preferred play in India's chemicals sector; reiterates
"overweight" rating
    ** Raises TP to 3,295 rupees from 2,957 rupees
    ** Says DPNT's commodity chemicals exposure, limited
reliance on agrochemicals and high exposure to domestic demand
help it stand out among peers grappling with intense competition
and demand uncertainty
    ** Expects only DPNT to see any share price gains in the
sector over the next year
    ** Adds DPNT has the largest medium-term year investment
pipeline of over 100 bln rupees ($1.19 bln), at a time when most
incumbents are shifting focus to monetizing past investments
    ** Stock last up 2.4% vs flat movement in peers SRF Ltd
 SRFL.NS  and Navin Fluorine International  NAFL.NS 

 
($1 = 83.9650 Indian rupees)

 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com))