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BASF India Surges 12% On Robust June Quarter Results

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BASF India's shares rose 12% to Rs 3,795.45 in Monday's trading session, increasing 33% in the previous two trading days after the business reported a net profit.

 

The speciality chemicals maker reported a net profit of Rs 197.28 crore for the quarter ending June against a loss of Rs 31.18 crore during the corresponding period of 2020-21.

BASF India Surges 12% On Robust June Quarter Results

BASF India was trading 7% higher on the BSE at Rs 3,614 at 1.26 pm. It touced an intra-day high of Rs 3,800 and low of Rs 3,282 during the trade.

During the quarter under review, the company's revenue from operations increased by 69 percent year over year (YoY) and 7.4 percent quarter over quarter (QoQ) to Rs 3,012.90 crore, owing to higher volumes and better price realisation. Most of the company's business segments, including agricultural solutions, automotive industry segments, industrial solutions, and surface technologies, had profitable growth.

CRISIL Ratings believes the parent will provide prompt, need-based financial assistance in the event of cash flow pressures, as well as support the financing of any substantial capital projects if they are undertaken.

Emkay Global, a brokerage business, has assigned the counter a 10% weighting in its alpha portfolio of specialty chemicals. Following a solid performance by various businesses, several analysts have turned optimistic on the chemical sector.

Read more about: basf india
Story first published: Monday, August 9, 2021, 13:33 [IST]
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