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    NOCIL Q1: ‘China plus’ strategy can be a rerating trigger

    We expect NOCIL to maintain its dominant presence in the Indian market because of its technological leadership, client relationships and focus on import substitution

    Anubhav Sahu
    August 26, 2020 / 06:24 PM IST
    NOCIL Q1: ‘China plus’ strategy can be a rerating trigger

    The Union Cabinet approved the PLI scheme for 10 sectors on November 11.

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Anubhav Sahu Monycontrol Research Highlights - Sharp contraction in volumes sold, realizations steady - Competitive intensity high, adverse supply-demand to cap margins - Medium term triggers – ‘China plus’ and protectionist measures for tyre industry - Valuations fair, accumulate at lower levels NOCIL (CMP: Rs 132, Market Cap: Rs 2,194 crore) –the largest rubber chemicals producer in India, reported a weak performance in Q1 FY21, one that was anticipated given the softness in tyre and automobile end-markets. Volume de-growth was sharp but steady price realizations were a surprise. Going forward, the...

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