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Buy Sumitomo Chemical India, target price Rs 445: ICICI Direct

ICICI Direct has buy call on Sumitomo Chemical India with a target price of Rs 445. The current market price of Sumitomo Chemical India is Rs 429.1.

Time period given by analyst is two weeks when Sumitomo Chemical India Ltd. price can reach defined target.

Sumitomo Chemical India Ltd., incorporated in the year 2000, is a Small Cap company (having a market cap of Rs 21495.71 Crore) operating in Pesticides/Agro Chemicals sector.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 787.42 Crore, up 46.10 % from last quarter Total Income of Rs 538.95 Crore and up 21.14 % from last year same quarter Total Income of Rs 650.02 Crore. Company has reported net profit after tax of Rs 105.75 Crore in latest quarter.


Investment Rationale
The stock after the last one months corrective decline is seen rebounding taking support at the 61.8% retracement of June –August up move and 50 day EMA thus offers fresh entry opportunity. The brokerage expects stock to resolve higher and head towards Rs 445 levels as it is the 80% retracement of its recent decline (Rs 460—386).

Promoter/FII Holdings
Promoters held 80.30 per cent stake in the company as of March 31, 2020, DIIs 4.53 and public and others 15.05 per cent.

(Disclaimer: Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.

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