India's Navin Fluorine rises; brokerages upgrade to "buy"

Navin Fluorine International

01/10/2024 10:32

** Specialty chemical maker Navin Fluorine  NAFL.NS  rises
3.9% to 3,577 rupees, eyes fourth straight session of gains
    ** Nirmal Bang upgrades to "buy", raises TP to 4,000 rupees
from 3,600 rupees
    ** Systematix also upgrades to "buy" from "hold", increases
TP to 4,042 rupees from 3,359 rupees
    ** Nirmal Bang says despite ongoing macro challenges,
including competition from Chinese imports, margins expected to
improve Q-o-Q
    ** Expects recovery to outpace peers due to NAFL's strong
innovator-rev mix, contracts
    ** Systematix's bullish outlook supported by slowing
agrochemical destocking, with demand projected to improve by Q4
FY25
    ** Avg rating of analysts is "buy"; median PT is 3,997
rupees - LSEG
    ** YTD, NAFL down ~7% YTD

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.Das@thomsonreuters.com;))