External broker reports(aggregated public sources), HDFC Securities

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Equity Bottom-Up

Sudarshan Chemical Industries / Equity Bottom-Up

<ul><li>Sudarshan Chemical Industries Limited (SCIL) has entered into a definitive agreement whereby its wholly owned subsidiary (WOS), Sudarshan Europe BV, shall acquire the global pigment business operations of the Heubach Group of Germany</li><li>Having a global scale is essential for success in the pigment business</li><li>It ensures sustainable growth, cheaper feedstock and, more importantly, exposure to cutting-edge technologies</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Sudarshan Chemical Industries Limited (SCIL) has entered into a definitive agreement whereby its wholly owned subsidiary (WOS), Sudarshan Europe BV, shall acquire the global pigment business operations of the Heubach Group of GermanyHaving a global scale is essential for success in the pigment businessIt ensures sustainable growth, cheaper feedstock and, more importantly, exposure to cutting-edge technologiesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sudarshan Chemical: Improving Global Asset Footprint. Upgrade to ADD

<ul><li>We downgrade Sudarshan Chemical (SCIL) from BUY to ADD, with a revised target price of INR 425</li><li>We are cautious regarding the weak demand outlook, owing to the global recessionary scenario and the pressure on margins due to high energy costs</li><li>The stock is trading at 28x FY24E EPS (RoE of 10.9% in FY24)</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We downgrade Sudarshan Chemical (SCIL) from BUY to ADD, with a revised target price of INR 425We are cautious regarding the weak demand outlook, owing to the global recessionary scenario and the pressure on margins due to high energy costsThe stock is trading at 28x FY24E EPS (RoE of 10.9% in FY24)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sudarshan Chemical: Reeling Under Demand Downturn. Downgrade to ADD

Sudarshan Chemical - Reeling Under Demand Downturn. Downgrade to ADD

<p>GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E to 136mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in eastern and southern India. Q2FY22 EBITDA/APAT were 34/47% above our estimates, owing to a 7% higher revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E to 136mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in eastern and southern India. Q2FY22 EBITDA/APAT were 34/47% above our estimates, owing to a 7% higher revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: NTPC, DLF, InterGlobe Aviation, Tata Power, GAIL (India), JSW Energy, Bandhan...

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>Anti-dumping duty on mica pigment: The Finance Ministry has imposed antidumping duty on natural mica-based pearl industrial pigments, excluding cosmeticgrade products. The duty will be ~US$2-3/kg and will be levied for five years. As per the initial document filed by the company, overall import volumes for mica pigment from key geographies is at ~2181 MT at an imported price of Rs 380/kg. The price undercutting is estimated to be ~20-30% as on inquiry date. Mica pigment currently contributes in low single digits to overall revenue of Sudarshan Chemical. Based on our calculation, sales volumes should be ~1300 MT against total capacity of ~3000 MT as per the pre-feasibility study report filed earlier.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Anti-dumping duty on mica pigment: The Finance Ministry has imposed antidumping duty on natural mica-based pearl industrial pigments, excluding cosmeticgrade products. The duty will be ~US$2-3/kg and will be levied for five years. As per the initial document filed by the company, overall import volumes for mica pigment from key geographies is at ~2181 MT at an imported price of Rs 380/kg. The price undercutting is estimated to be ~20-30% as on inquiry date. Mica pigment currently contributes in low single digits to overall revenue of Sudarshan Chemical. Based on our calculation, sales volumes should be ~1300 MT against total capacity of ~3000 MT as per the pre-feasibility study report filed earlier.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sudarshan Chemical: Anti-Dumping on Mica to Aid Earnings by 5-10%

India

Sudarshan Chemical Industries is a global leader in pigment manufacturing, offering a comprehensive portfolio of organic, inorganic, and effect pigments, as well as pigment dispersions. These products serve diverse industrial sectors including coatings, plastics, inks, and cosmetics. The company was founded in 1951 and is headquartered in Pune, India.

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Sudarshan Chemical Industries (SCHI IN)

Sudarshan Chemical: Improving Global Asset Footprint. Upgrade to ADD

Having a global scale is essential for success in the pigment business. It ensures sustainable growth, cheaper feedstock and, more importantly,...

HDFC Securities

Sudarshan Chemical: Reeling Under Demand Downturn. Downgrade to ADD

We downgrade Sudarshan Chemical (SCIL) from BUY to ADD, with a revised target price of INR 425. We are cautious regarding the weak demand outlook

HDFC Securities

Sudarshan Chemical - Reeling Under Demand Downturn. Downgrade to ADD

We downgrade Sudarshan Chemical (SCIL) from BUY to ADD, with a revised target price of INR 425. We are cautious regarding the weak demand outlook

HDFC Securities

HSIE Results Daily: NTPC, DLF, InterGlobe Aviation, Tata Power, GAIL (India), JSW Energy, Bandhan...

GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E...

HDFC Securities

Sudarshan Chemical: Anti-Dumping on Mica to Aid Earnings by 5-10%

The Finance Ministry has imposed antidumping duty on natural mica-based pearl industrial pigments, excluding cosmeticgrade products. The duty will...

ICICI Securities Limited

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