BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Nirmal Bang Report
We have cut Sumitomo Chemicals India Ltd.'s from Buy to Accumulate as the stock offers muted upside from CMP post its 45.1% rally year-on-year.
We have maintained our FY23E/FY24E and target price using unchanged PE of 35x FY24E.
Our forecast builds in healthy growth in earnings that captures the positive outlook for the CPC sector in FY23E from IMD's favourable monsoon and healthy crop prices/farm incomes, besides SCIL's pricing power that should aid margin expansion of 250bps/401bps in the next two years.
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