SRF, Devyani, Sumitomo have witnessed the formation of 'Death Cross', while Sona Coms and PI Industries saw a negative crossover on the MACD indicator, show the stocks daily chart.
Brokerages maintained a positive stance on SRF, highlighting continued margin strength, steady volume growth, and the company's strategic capex expansion.
SRF Ltd, a chemical-based multi-business company, reported a 92.72 per cent jump in consolidated net profit to Rs 388.18 crore for the second quarter ended September 30, driven by higher sales, the company said on Monday. Its net profit stood at Rs 201.42 crore in the July-September quarter of the previous fiscal year, according to a regulatory filing. The total income rose 6.30 per cent to Rs 3,640.19 crore during the quarter under review from Rs 3,424.30 crore in the year-ago period. Expenses fell to Rs 3,148.85 crore from Rs 3,173.97 crore. "We performed well this quarter, led by our chemicals business. While we are dealing with a very uncertain global environment, we remain confident of a good finish to the year," SRF Chairman and Managing Director Ashish Bharat Ram said. The chemicals business reported a 23 per cent increase in revenue to Rs 1,667 crore during the second quarter of this fiscal year from Rs 1,358 crore a year earlier. The performance films and foil business .
Antique assigned a 'Buy' rating for SRF with a target price of ₹3,540 per share, a potential upside of 16 per cent
Regulatory changes may do little to help
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SRF's revenue for the quarter rose 10.3 per cent Y-o-Y to ₹3,819.6 crore, while Ebitda surged 37.8 per cent Y-o-Y to ₹831 crore, improving margins from 17.4 per cent to 21.7 per cent.
SRF stock was quoting at ₹2,925.9, up 6.61 per cent from the previous day's close of ₹2,744.4 on the NSE
The decline in chemical stocks followed the announcement of new tariffs by US President Donald Trump, who imposed a 27 per cent tariff on all imports from India
SRF stock has taken support and bounced up from its 20 DEMA after breaking out from a consolidation zone
In the past one month, SRF has outperformed the market by surging 33 per cent, due to initial signs of demand recovery in Q3FY25, as compared to 2.5 per cent decline in the BSE Sensex.
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On Thursday, 5 stocks - Bandhan Bank, Hindustan Copper, L&T Finance, Manappuram Finance and RBL Bank were placed under futures & options ban period on the NSE.
The company aims to add a manufacturing facility with a capacity of 60,000 million tonne per annum within the next 25 months
The market's expectation of a demand recovery for SRF's chemical segment will be met with disappointment, UBS said
SRF has given trend line breakout on daily chart and holding well above the same.
The rise in stock came on hopes of recovery in the chemical business, which will pick up pace in the second half of FY25
The demand-supply imbalance and margin pressures would be a key monitorable in the near to medium-term
Consolidated net profit after tax fell to 2.53 billion rupees (about $30 million) for the three months ended Dec.31 from 5.11 billion rupees a year ago
Company has increased capex for the business to tap into new opportunities