ICICI Direct has given Buy recommendation for Sudarshan Chemical recommended buy rating on the stock with a target price of Rs 695 in its research rep with a target price of Rs. 695 in its research report issued on Jan 26, 2022

ICICI Direct’s research report on Sudarshan Chemical

Established in 1951, Sudarshan Chemical is a leading player in the Indian colour pigment industry with ~35% market share and is also among the top four players globally. It has a wide portfolio of 4,000+ varieties of products of Azos, blue and green, high performance pigments (HPPs), effects, pigment preparations and inorganics • Among end users, coatings industries contribute highest followed by plastics, inks, cosmetics and other applications.

Outlook

We maintain our rating to BUY on the back of better growth outlook from speciality pigments. We value Sudarshan Chemical at 27x P/E FY23E EPS to arrive at a revised target price of Rs 695/share (earlier Rs 735/share).

More Info on Trent

At 17:30 Sudarshan Chemical Industries was quoting at Rs 576.35, up Rs 0.45, or 0.08 percent.

It has touched an intraday high of Rs 591.05 and an intraday low of Rs 574.05.

It was trading with volumes of 5,594 shares, compared to its thirty day average of 9,545 shares, a decrease of -41.39 percent.

In the previous trading session, the share closed down 0.61 percent or Rs 3.55 at Rs 575.90.

The share touched its 52-week high Rs 791.95 and 52-week low Rs 486.10 on 02 July, 2021 and 28 January, 2021, respectively.

Currently, it is trading 27.22 percent below its 52-week high and 18.57 percent above its 52-week low.

Market capitalisation stands at Rs 3,989.91 crore.

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