Anand Rathi is bullish on Sudarshan Chemicals has recommended buy rating on the stock with a target price of Rs 585 in its research report dated September 30, 2020.
Anand Rathi 's research report on Sudarshan Chemicals
One of the largest pigment manufacturers in its home market (with a 35% market share) and the fourth-largest globally, Sudarshan’s strong brand equity, leading position, regular capacity additions and focus on high-margin products have been its key strengths. We believe that the exit of global players (BASF, Clariant), coming capex (Rs8bn over FY20-23), product launches and focus on the global market will be its future growth drivers.
We initiate coverage on Sudarshan Chemicals with a Buy at a TP of Rs585 (22.3x FY23e EPS). The auto-sector slowdown and ban on single-use plastic would trim its short-term performance.
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