India's Neogen up after Kotak sees first-mover edge, starts with "buy"

Neogen Chemicals

25/04/2024 07:28

** Shares of India's Neogen Chemicals  NEOE.NS  up 5.3%,
cooling off from session-high 5.8% jump 
    ** Kotak Institutional Equities starts coverage on co with
"buy", says NEOE has first mover advantage in Indian EV battery
chemicals space 
    ** Estimates 34% CAGR for co over FY24-FY29, led by start of
battery chemical revenues, healthy business of bromine/lithium
derivatives 
    ** Trading vols 2.3x 30-day avg 
    ** Kotak's PT 7.8% higher than median PT of 6 analysts
covering the stock, avg rating on co "buy" - LSEG data
    ** Day's move trims stock's YTD fall to 1% after an 18% gain
in 2023 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))