India's PCBL hits record high after JM Financial initiates with 'buy'

PCBL Chemical

16/11/2023 06:37

** Shares of PCBL  PCBL.NS  hit a record high of 222.40
rupees
    ** JM Financial initiates coverage with "buy" rating and
12-month price target of 290 rupees
    ** PT represents a 35.6% upside to stock's last close
    ** JMF says co will benefit from demand for lithium-ion
batteries as carbon black demand is likely to more than
quadruple by CY30
    ** Co's core earnings likely to grow 14% CAGR over FY23-26,
profit after tax to rise at 12% CAGR over FY23-26, analysts add
    ** PCBL well placed to export to North America and Europe
and has price advantage over Chinese carbon black makers - JMF
    ** Stock trading near session highs, up ~70% so far this
year

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))