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Near-term headwinds may delay UPL recovery

UPL, the countrys largest agrochemical company, had a weak July-September quarter (Q2), reporting a sharp fall in revenues across geographies. Overall, the revenues were down 19 per cent on the back of lower agrochemical prices and inventory destocking. While the overall volumes were down 7 per cent, prices fell by 15 per cent. Volume decline in the European market was on the back of high channel inventory and product bans while in India the fall by 27 per cent was on account of muted demand for...
United States Sumant Kumar Mike Frank Prabhudas Lilladher Research Jm Financial Research Motilal Oswal Research
Source: rediff.com

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Acid test for specialty chemical firms: Mix of weak demand, low realisations

The weak April-June quarter (first quarter, or Q1) results of the largest listed specialty chemical maker, SRF, and multiple global headwinds for the sector are expected to weigh on the prospects of Indian specialty chemical companies in 2023-24 (FY24). Stocks in the sector (down 7-18 per cent) have underperformed the benchmarks (up over 10 per cent) in the past three months, and given the multiple challenges, the trend is likely to continue. Kotak Institutional Equities expects a very weak quar...
Surya Patra Sumant Kumar Nuvama Research Navin Fluorine International European Union Pi Industries
Source: rediff.com

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