Fertiliser, Agrochem shares gain on Q1, monsoon boost
Paradeep Phosphates
ended 8.6% higher to an all-time high of ₹216.3, after the company's profit after tax rose 4,655% from the same period a year ago. Mangalore Chemicals and Fertilisers rallied 9.5%. Other stocks like
Deepak Fertilisers
,
Rallis India
,
Sumitomo Chemical
,
GSFC
and
Coromandel International
were up 4-6% on Tuesday.
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"We've seen strong Q1 results from several companies in the agrochemicals and fertilisers space, including Coromandel International, Paradeep Phosphates, and Mangalore Chemicals & Fertilisers, driving stock gains on Tuesday," said Anita Gandhi, head of institutional broking at Arihant Capital. Gandhi said that a recent pickup in demand, following a post-Covid slowdown, along with supportive monsoon forecasts, which are expected to be 6% above normal, has improved sentiment.
Agencies
Shares of most of these companies have moved up strongly in recent months, with Mangalore Chemicals and Fertilisers,
Sharda Cropchem
, Paradeep Phosphates, Rallis and
Coromandel International
up 36-115% over the past six months.
Prashant Biyani, vice president at Elara Securities, said he remains 'constructive' on phosphatic fertiliser makers from a longer-term perspective, particularly on Coromandel and Paradeep Phosphate. He said that companies like Coromandel and Paradeep represent strong import replacement plays.
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"India imports around 8 million tonnes of phosphatic fertilisers, and domestic capacity expansions position these firms well to meet future demand," said Biyani. Elara has a price target of ₹2,737 for Coromandel International.
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