India's Navin Fluorine surges to record high on $410 mln contract

Navin Fluorine International

25/02/2020 09:41

** Shares of Indian manufacturer of fluorochemicals
 NAFL.NS  soar 20% to a record high of 1,454.30 rupees
    ** Signs $410 mln (29.47 bln rupees) contract with a global
company for high performance product (HPP)  urn:newsml:reuters.com:*:nFWN2AO1AQ
    ** "(Contract) is beginning of our entry into higher value
HPP segment and we shall continue to add more products in this
segment" - MD Radhesh Welling (http://bit.ly/2PmMOpj)
 
    ** NAFL unit will invest $51.5 mln to set up a manufacturing
plant in the western state of Gujarat
    ** To also invest $10 mln to set up a power plant
    ** 7 of the 10 brokerages covering the stock have a "buy" or
higher rating, 2 has "hold" with 1 "sell" or lower; median PT is
1,325 rupees - Refinitiv data
    ** NAFL stock gained 44.1% in 2019, and at session high is
up 44.4% YTD 


($1 = 71.8700 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))