SRF stock has taken support and bounced up from its 20 DEMA after breaking out from a consolidation zone
In the past one month, SRF has outperformed the market by surging 33 per cent, due to initial signs of demand recovery in Q3FY25, as compared to 2.5 per cent decline in the BSE Sensex.
Stocks to Buy Today, Jan 30: Nifty is recovering amid choppy conditions and approaching its critical resistance at 23,300 (20-DEMA)
On Thursday, 5 stocks - Bandhan Bank, Hindustan Copper, L&T Finance, Manappuram Finance and RBL Bank were placed under futures & options ban period on the NSE.
The company aims to add a manufacturing facility with a capacity of 60,000 million tonne per annum within the next 25 months
The market's expectation of a demand recovery for SRF's chemical segment will be met with disappointment, UBS said
SRF has given trend line breakout on daily chart and holding well above the same.
The rise in stock came on hopes of recovery in the chemical business, which will pick up pace in the second half of FY25
The demand-supply imbalance and margin pressures would be a key monitorable in the near to medium-term
Consolidated net profit after tax fell to 2.53 billion rupees (about $30 million) for the three months ended Dec.31 from 5.11 billion rupees a year ago
Company has increased capex for the business to tap into new opportunities
This could aid overall profitability, even though other segments may see margin moderation
While there are multiple positives across SRF's key segments, investors should await for a better opportunity to enter the stock
Q3 performance was led by strong demand/realisations in the chemicals business
Q3 performance was led by strong demand/realisations in the chemicals business
Bargain buying in banking and auto counters amid better-than-expected Q3 results by Axis Bank and Maruti Suzuki pushed the index 367 points higher at 57,858 level at close
Gains from multiple triggers are factored in valuations which limits upsides
The stock hit a new high of Rs 8,535.95 as shares rallied 8 per cent on the BSE in intra-day trade on Friday
Given the valuation worries, investors should await further correction before considering the stock
Continued demand momentum in packaging and films segment add to the optimism