Buy SRF; target of Rs 3065: ICICI Direct

ICICI Direct's research report on SRF

Incorporated in 1970, SRF started with nylon cord tyre and thereafter diversified into other areas such as refrigerant gases, speciality chemicals and packaging film among others. The chemical division accounts for 43% of overall revenues followed by packaging film (39%), technical textile (15%) and others (3%) • Exports constitute 57% of overall revenues (90+ countries across.

Outlook

We initiate coverage under Stock Tales format with a BUY rating and target price of Rs 3065.

More Info

At 14:24 hrs SRF was quoting at Rs 2,627.65, up Rs 23.30, or 0.89 percent.

It has touched an intraday high of Rs 2,679.15 and an intraday low of Rs 2,602.25.

It was trading with volumes of 16,738 shares, compared to its thirty day average of shares, a decrease of percent.

In the previous trading session, the share closed down 0.42 percent or Rs 11.05 at Rs 2,604.35.

The share touched its 52-week high Rs 2,679.00 and 52-week low Rs 1,057.85 on 14 January, 2022 and 30 March, 2021, respectively.

Currently, it is trading 1.92 percent below its 52-week high and 148.4 percent above its 52-week low.

Market capitalisation stands at Rs 77,889.07 crore.

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