Prabhudas Lilladher's research report on NOCIL
We lower our FY21/22E earnings estimates by 19/1% to factor in near term weakness in volumes. While near term demand slowdown in China and India is a concern, long term opportunities remain impressive. Nocil with new capacities commissioned is poised to benefit from improvement in global rubber chemicals market.
Reiterate BUY with a PT of Rs96 (unchanged) based on 15x PER FY21E.
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