At 09:15 am, around 6.51 million equity shares, representing 2.2 per cent of total equity of Coromandel International, had changed hands via block deal on the BSE, the exchange data shows. The names of the buyers and sellers were not ascertained immediately. The stock of Coromandel International hit a record high of Rs 880 on Tuesday, December 29, on the BSE.
Meanwhile, the stock of EID Parry hit a 52-week high of Rs 365.75, rallying 10 per cent on the BSE in early morning trade in an otherwise range-bound market. At 09:29 am, the S&P BSE Sensex was down 0.19 per cent at 47,524 points.
Analysts at Emkay Global Financial Services have ‘buy’ rating on Coromandel International with target price of Rs 910 per share. “We continue to remain positive on the company’s long-term opportunity, we believe that the delay in subsidy payment by the government will lead to deterioration in working capital by 10 days,” the brokerage firm said in September quarter result update.
Coromandel International’s crop protection revenue increased 25 per cent yoy to Rs 640 crore on the back of new products launched in the last two years in the domestic market and strong demand across B2B channels (especially in Mancozeb and domestic formulation). EBIT (earnings before interest tax) margin increased by 540bps yoy to 21.7 per cent on the back of improved product mix and higher utilization of the Mancozeb plant. We expect EBIT margins to improve further in H2FY21 as well on the back of better product mix, it said.
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