India's Neogen Chemicals climbs on positive growth outlook

Neogen Chemicals

24/02/2023 08:49

** Shares of Neogen Chemicals  NEOE.NS  rise as much 2.85%
to 1,295.60 rupees
    ** Co says it expects to clock an average annual revenue
growth of 30% over next three to four years
    ** Co's management says capex projects worth 1.5 bln rupees
will be commissioned in June 2024 and lead to a rise in turnover
to 10 bln rupees by FY2026
    ** Rise in raw material costs have been offset by strong
volume growth - NEOE
    ** About 18,800 shares change hands as of 2:06 p.m. IST, 0.8
times the 30-day avg - Refinitiv data
    ** All seven analysts tracking NEOE rate it equivalent of
"buy;" median TP down to 1,586 rupees from 1,680 rupees in
January - Refinitiv data
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))