HDFC Securities, a prominent financial services provider, has issued a buy recommendation for Neogen Chemicals Ltd., setting a target price of Rs 2129. Currently, Neogen Chemicals Ltd. is trading at a market price of Rs 1710.
Established in 1989, Neogen Chemicals Ltd. operates in the Chemicals sector and is categorized as a Small Cap company, with a market capitalization of Rs 4,264.62 Crore.
The key Products/Revenue Segments for Neogen Chemicals Ltd. encompass Organic/Inorganic Heavy Chemicals and Other Operating Revenue for the fiscal year ending on March 31, 2022.
For the quarter ending on June 30, 2023, the company reported a Consolidated Total Income of Rs 166.67 Crore. This signifies a decrease of 18.95% when compared to the Total Income of Rs 205.65 Crore in the previous quarter, but a substantial increase of 12.01% in contrast to the Total Income of Rs 148.80 Crore in the same quarter of the previous year. Moreover, the company achieved a net profit after tax amounting to Rs 9.73 Crore in the latest quarter.
As of June 30, 2023, the promoters held a 60.19% stake in the company, while FIIs (Foreign Institutional Investors) owned 4.3%, and DIIs (Domestic Institutional Investors) held 19.87% of the company.
HDFC Securities’ buy recommendation for Neogen Chemicals highlights their positive outlook on the stock, suggesting potential for growth and providing investors with an opportunity to consider.