Shares of PI Industries gained after the chemicals manufacturer's exports jumped 43 percent to Rs 6.45 crore in May 2023, compared with Rs 4.52 crore in the same month last year. Exports have surged to Rs 11 crore so far, up 16 percent in Q1FY24 compared with Q4FY23.
Japan's Kumiai, PI Industries' largest customer, reported a 23.2 percent YoY growth in agrochemical revenue for Nov 2022-April 2023 fuelled by strong Pyroxasulfone sales, both of which are positive for PI Industries, said brokerage firm Equirus.
PI Industries manufactures agrochemicals such as insecticides, fungicides and herbicides. It also offers R&D, custom synthesis and distribution services.
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At 1:46 pm, PI Industries was trading at Rs 3,741 per share, up 3.3 percent from the previous day's close on the NSE.
Its competitor, SRF, nosedived after its exports shrunk 19 percent to Rs 5.1 crore in May 2023 compared with Rs 6.3 crore in May 2022. Exports have slumped to Rs 10.7 crore so far, down 15 percent in Q1FY24 compared with Q4FY23.
SRF is a multi-business chemicals conglomerate and its portfolio covers fluorochemical, speciality chemicals, packaging films, textile films, coated, and laminated fabrics.
At 1:46 pm, SRF was trading at Rs 2,343 a share, down 3.6 percent from the previous day's close on the NSE.
The presence of Chinese chemicals in the market has caused a fall in the chemical prices in the market, analysts tracking the sector said. Given the headwinds, the outlook for the upcoming quarters looks weak. A fall in demand is expected to linger on through most of H1FY24.
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