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Friday, January 27, 2023

Multibagger Stock Gets Anand Rathi Buy Tag Despite 400% Rise in 3 Years

Multi Bag Stock: Sharda Cropchem shares are one of the multibagger stocks that the Indian stock market has delivered in recent years, especially in the post-Covid rally. From April 2020 to date, this stock of multi-packer chemicals has increased from around $105 to $520 levels each, delivering around 400 percent return to its positional shareholders in these nearly three years. However, Anand Rathi sees more strength in the actions. According to Anand Rathi’s research report, Sharda Cropchem’s share price may go as high as $620 levels each over the next three months, giving around 20 percent return to potential stock investors.

On why Anand Rathi is bullish on this multibagger chemical stock, the research report says: “The Sharda Cropchem stock has been under pressure for some time now, but is currently trading close to its crucial support. Previously, the action changed from this level and we saw a rally towards $700 per action levels. On the daily chart, it has made a nice rounding base near $500 to $510 along with multiple bullish candlestick patterns that look lucrative.”

On the fundamentals that may drive Sharda Cropchem’s share price rally, the brokerage said: “Sharda Cropchem is primarily engaged in the export of agrochemicals (technical grade and formulations) and non-agricultural products such as conveyor belts, tapes/sheets of rubber, dyes and dye intermediates to various countries around the world. The company is expanding its product range in each region, exploring new markets and penetrating deeper into existing ones.”

Expecting a sustained revenue stream for the company, Anand Rathi’s report said: “We are optimistic about its future performance, considering its focus on registrations, the growing share of high-margin products and deeper penetration.”

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On his suggestion to stock market investors regarding Sharda Cropchem shares, Anand Rathi said: “We advise traders to go long on shares with a stop loss of $465 levels each.”

Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of the Mint. We advise investors to consult with certified experts before making any investment decision.

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