India's Paradeep Phosphates after Antique begins coverage with "buy"

Paradeep Phosphates

22/06/2023 07:00

** Shares of Paradeep Phosphates  PRAO.NS  rise as much as
8.9% to 63.65 rupees, their highest level since Feb. 1
    ** Antique Stock Broking begins coverage with "buy" rating,
with price target of 100 rupees
    ** Brokerage calls PRAO its preferred pick in the sector
    ** Expects co's pan-India market share in phosphatic
fertilizer to rise to ~11% by FY25E from ~8% in FY23 on access
to newer markets, deeper penetration in current markets
    ** Adds, PRAO's acquisition of Zuari Agro Chemicals’ Goa
plant provides co with access to west, central, and south India,
eliminating its dependence on east India
    ** Co's relationship with promoter OCP, a leading producer
of rock phosphate, gives it a competitive advantage - Antique
    ** Stock above 50-, 100- and 200-day exponential moving
averages since June 7, suggesting bullish trend
    ** More than 15.5 mln shares change hands by 11:04 a.m. IST,
highest since Oct. 4, 2022
    ** Including session's gains, stock up ~6.8% this year

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))