GSFC share price rises 7%: Prabhudas Lilladher expects more than 20% upside for the stock
- Stock Market Today: Gujarat State Fertilizers & Chemicals Ltd (GSFC) share price gained more than 7% in morning trades on Wednesday. The target price of technical analysts at Prabhudas Lilladher indicates more than 20% upside for the stock. Check details
Stock Market Today: Gujarat State Fertilizers & Chemicals Ltd (GSFC) share price gained more than 7% in morning trades on Wednesday. The Gujarat State Fertilizers & Chemicals (GSFC) share price remains in focus as news reports suggest that fertilizers may get some relief in taxes from the government.
The Gujarat State Fertilizers & Chemicals (GSFC) share price that opened at ₹241.30, more than 3% higher that previous days closing price of ₹233.75 , however added to the gains and rose to ₹250 levels on the BSE marking more than 7% gains
The GSFC share price is rebounding well after corrections seen in May-early June period, post some disappointment reported by GSFC in the March quarter performance. The industry has seen a challenging FY24 with monsoon coming lower than expectations and also the global chemical industry seeing a destocking cycle.
In the fourth quarter of 2023–24, GSFC reported a steep 89 percent year-over-year (YoY) decline in its consolidated net profit to ₹24.43 crore due to weak sales. GSFC overall revenue decreased 16.34% YoY to ₹2,017.46 crore during the reviewed quarter. GSFC also had cited challenges resulting in revenue and operating profit degrowth de-leading to the weakness in performance.
However there is optimism of a better monsoon this year as is being forecasted by meteorological departments. The GSFC share price is rebounding too.
GSFC share price as per Prabhudas Lilladher Pvt Ltd had seen a reasonable corrections from the 332 levels (in January'2024) to a bottom at about 184 levels. GSFC share price then bounced, indicating a stronger upside move ahead.
The chart as per Prabhudas Lilladher technical analysts looks very attractive and has the potential to scale up to 320 levels in the coming days.
Indicating a buying opportunity, the RSI (Relative Strength Index) has reached the oversold zone and shown a trend reversal thereafter.
With good volume participation witnessed, technical analysts at Prabhudas Lilladher recommend a buy in this stock for an upside target of ₹295, while keeping a stop loss of ₹210.
This target price indicates more than 20% upside for GSFC share price trading at close to ₹242 levels
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions
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