SRF Limited shares dropped more than 2% in morning trade UBS has downgraded to ‘Sell’, slashing its target price from Rs 2,700 to Rs 2,100. The downgrading comes amid concerns about prolonged growth challenges and the likelihood of further negative surprises.
UBS cites weak demand in the agricultural chemicals (ag chem) industry as a major issue impacting SRF’s outlook. The company anticipates that China will gain a larger share of the agricultural chemical market, posing more obstacles for SRF. Furthermore, demand and prices for refrigerant gases (ref gases) are expected to stay soft, affecting SRF’s performance.
As of 10:21 am, SRF Limited shares were trading 1.70% lower at Rs 2,267.00 on the NSE.
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