SRF rose 4.38% to Rs 1,063.40 at 10:59 IST on BSE after a domestic brokerage started coverage on the stock with "buy" rating.
Meanwhile, the BSE Sensex was down 90.14 points, or 0.31%, to 28,954.30.
On BSE, so far 15,000 shares were traded in the counter, compared with an average volume of 28,501 shares in the past one quarter.
The stock hit a high of Rs 1,073.10 and a low of Rs 1,033.05 so far during the day. The stock hit a record high of Rs 1,089.10 on 7 April 2015. The stock hit a 52-week low of Rs 368 on 12 May 2014.
The stock had outperformed the market over the past one month till 13 April 2015, rising 11.59% compared with 1.90% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 13.45% as against Sensex's 5.90% rise.
The mid-cap company has an equity capital of Rs 57.42 crore. Face value per share is Rs 10.
More From This Section
The brokerage said that capacity expansion in SRF's specialty chemicals business would lead to strong earnings growth of 28% compound annual growth rate (CAGR) over fiscal year ending March 2015 to fiscal year ending March 2017 and re-rating in SRF stock.
It added that SRF is an attractive play for its strong brand equity, high business entry barriers, sound management, healthy balance sheet and improving return ratios.
Net profit of SRF rose 0.78% to Rs 72.62 crore on 1.25% rise in net sales to Rs 870.22 crore in Q3 December 2014 over Q3 December 2013.
SRF is global entity with operations in 3 countries. Apart from technical textiles business, in which it enjoys a global leadership position, SRF is a domestic leader in refrigerants, engineering plastics and industrial yarns as well. The company also enjoys a significant presence among the key domestic manufacturers of polyester films and fluorospecialities.
Powered by Capital Market - Live News