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Share Market Highlights 7 May, 2024: Sensex and Nifty close lower amidst sectoral weakness; FMCG stocks gain over 2%

Share Market Highlights 7 May, 2024: Sensex and Nifty close lower amidst sectoral weakness; FMCG stocks gain over 2%
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Coromandel International commissions ₹400-crore sulphuric acid plant in Vizag

Coromandel International commissions ₹400-crore sulphuric acid plant in Vizag
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Rain delay unlikely to hit agrochemical companies hard this time around

Besides the two leaders cited above, PI Industries, Aarti In.dustries, Sumitomo Chemicals, and Coromandel International are some of the preferred picks of analysts in the space. The monsoon onset has been delayed due to Cyclone Biporjoy, resulting in deficient rainfall in June. According to the IMD, the Northwest and some parts of central India will likely receive deficit rainfall, while the Southern peninsula and North-east India are better off.

Rain delay unlikely to hit agrochemical companies hard this time around

Besides the two leaders cited above, PI Industries, Aarti In.dustries, Sumitomo Chemicals, and Coromandel International are some of the preferred picks of analysts in the space. The monsoon onset has been delayed due to Cyclone Biporjoy, resulting in deficient rainfall in June. According to the IMD, the Northwest and some parts of central India will likely receive deficit rainfall, while the Southern peninsula and North-east India are better off.

Broker s call: Coromandel Intl (Reduce) - The Hindu BusinessLine

Broker s call: Coromandel Intl (Reduce) | Updated on CMP: ₹730 Coromandel International has reported mixed results with topline flat at ₹2,850 crore y-o-y (Prabhudas Lilladher’s expectation was 8 per cent degrowth), but EBITDA declined 33 per cent at ₹260 crore (expectation was ₹360 crore) driven by RM cost inflation. The company became net cash due to robust cash generation led by healthy performance in FY21, higher inflow of subsidy (received ₹5,000 crore in FY) and lower working capital driven by 34-day decline in receivables. CP segment clocked healthy topline growth, but margins were under marginal stress due to pricing pressure from international geographies. The segment continues to be on structural growth trajectory driven by rich product pipeline, expanding geographical presence and focus on expanding registrations.

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