Buy Neogen Chemicals, target price Rs 2010: Rajesh Palviya

Rajesh Palviya of Axis Securities has buy call on Neogen Chemicals with a target price of Rs 2010. The current market price of Neogen Chemicals is Rs 1719.05. Rajesh Palviya recommended to keep stop loss at Rs 1655.

Neogen Chemicals, incorporated in the year 1989, is a Small Cap company (having a market cap of Rs 4351.91 Crore) operating in Chemicals sector.

Neogen Chemicals key Products/Revenue Segments include Organic/Inorganic Heavy Chemicals and Other Operating Revenue for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 166.67 Crore, down -18.95 % from last quarter Total Income of Rs 205.65 Crore and up 12.01 % from last year same quarter Total Income of Rs 148.80 Crore. Company has reported net profit after tax of Rs 9.73 Crore in latest quarter.

Investment Rationale
Consolidation Range( 1700-1500)range breakout along with huge volumes. RSI is in positive terrain.

Promoter/FII Holdings
Promoters held 60.19 per cent stake in the company as of 30-Jun-2023, while FIIs owned 4.3 per cent, DIIs 19.87 per cent.