This Chemical stock surged nearly 2% in the market today as Hdfc Securities gave it a buy rating with an upside of 23%. The stock saw a potential momentum during the trading session.
Share price of Neogen Chemicals Limited opened at Rs. 1735 levels and gained nearly 2% to reach its intra- day high of Rs. 1747.10 per share. In the last six months, the stock grew by 21.18%. In the last three years, the stock returned a total of 156.82%.
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On 4 September 2023, HDFC Securities published a target report on NCL. Recently, NCL announced two of its major decisions which include Electrolyte agreement with MU Ionic Solutions Corporation (MUIS), Japan and Acquisition of a 100% stake in BuLi Chemicals India Private Limited. The electrolyte business will start contributing to the revenue from FY26E and will account for almost 60% of the total revenue by FY30E. This business shall contribute 41% to the total EBITDA of NCL in FY30E, the report mentioned. NCL will also be able to provide value propositions to its advanced intermediates and custom synthesis manufacturing (CSM) customers because of BuLi Chemicals’ experience in lithiation reactions.
HDFC Securities gave a buy rating for Neogen Chemicals Limited with an upside of 23% to Rs. 2130 per share.
Comparing its financials on a QoQ basis, the company made a revenue of Rs. 164.88 crore in Q1FY24, a decrease of 19% from Rs. 203.92 crore in Q4FY23. Its net profit also noted a decrease of 32% from Rs. 14.29 crore in Q4FY23 to Rs. 9.73 crore in Q1FY24. The company maintains a low debt equity ratio of 0.75.
Neogen Chemicals Limited is a chemical manufacturing company which specialises in Grignard Reagents, Bromine based compounds, Inorganic Lithium Salts. In 3 decades of time, the company has grown its reach in the chemical industry and has restructured its organisation to create changes in the value of products, clients and customers.
Written by Bhumika Khandelwal
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