Vijay Kedia Portfolio Stocks Shares of Sudarshan Chemical Industries Limited are under selling pressure since last 3 months. Close to your closing high. after making 707 At the end of Aug 2021, Sudarshan Chemical share price fell to around . has occurred 570 level today, a drop of about 20 percent over the past 3 months. However, stock market experts are of the opinion that chemical counter is close to its strong support and one can start buying over the counter for 6 months target. 700 per share level.
Advising stock market investors on adding this Vijay Kedia stock to their portfolio; Sumeet Bagdia, Executive Director, Choice Broking said, “The chemical stock has been trending lower since last 3 months and is close to its strong support. 540 per share level. Profit-booking and consolidation seems to have ended in the stock and the stock is on an upward trend in the upcoming trading session. Can buy counter at current level for 6 months target from 650 700 per share level while maintaining stop loss 530 points.”
This shed light on the reasons for the crash in the Vijay Kedia Portfolio stock; Avinash Gorakshakar, Head of Research, Profitmart Securities, said, “Sudarshan Chemical Industries Q1 and Q2 results were not very impressive as they faced the second wave of COVID-19 in this period. However, in these two quarterly results, the company reported has reported a sudden jump in its employee costs and other expenses.This is increased by employee costs 24 crore 32 crore on a year-on-year (YoY) basis, while its other expenditure has increased by 132 crore 205 cr on YoY basis. Hence, there was a broad expectation of profit-booking in the chemical stock. Therefore, the company’s Q3 results will be very important because generally a chemical company’s third and fourth quarter numbers are generally better than the previous two quarter numbers.”
Avinash Gorakshakar of Profitmart Securities, expecting a sharp jump in Sudarshan Chemical shares on the same trigger said, “The company deals in pigments and agro chemicals and expects demand to pick up in the next six months during winters. Hence, we We can expect a growth in the company’s footfall. If the company manages to control its expenses under staff and other expense category, we can expect strong quarterly numbers from the company in the next two quarters of FY 2012 Huh.”
Avinash Gorakshakar advised the shareholders of Sudarshan Chemical to hold the counter for the next 3-6 months. He advised new investors to enter at the current levels for the same time period.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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