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Business News/ Markets / Stock Markets/  Multibagger stock gets buy tag from Anand Rathi despite 400% rise in 3 years

Multibagger stock gets buy tag from Anand Rathi despite 400% rise in 3 years

Multibagger chemical stock may go up to ₹620 apiece in three months, believes Anand Rathi

Multibagger stock has surged from around  ₹105 to  ₹520 apiece levels in post-Covid rally. (iStock)Premium
Multibagger stock has surged from around 105 to 520 apiece levels in post-Covid rally. (iStock)

Multibagger stock: Sharda Cropchem shares are one of the multibagger stocks that Indian stock market has delivered in last few years, especially in post-Covid rebound. From April 2020 to till date, this multibagger chemical stock has surged from around 105 to 520 apiece levels, delivering around 400 per cent return to its positional shareholders in these near three years time. However, Anand Rathi sees further steam in the stock. As per the Anand Rathi research report, Sharda Cropchem share price may ascend up to 620 apiece levels in next three months, giving around 20 per cent return to the potential share investors.

On why Anand Rathi is bullish on this multibagger chemical stock, the research report says, "Sharda Cropchem share has been under pressure since quiet some time but at this juncture its trading near its crucial support. Previously the stock turned from this level and we saw a rally towards 700 per share levels. On daily chart it has made nice rounding base near 500 to 510 levels along with multiple bullish candle-sticks pattern which is looking lucrative."

On fundamentals that may fuel Sharda Cropchem share price rally, the brokerage said, "Sharda Cropchem is principally engaged in export of agrochemicals (technical grade and formulations) and non-agro products such as conveyor belts, rubber belts/sheets, dyes and dye intermediates to various countries across the world. The company is expanding its range of products in each region, exploring newer markets and penetrating deeper into existing ones."

Expecting sustained revenue flow for the company, Anand Rathi report said, "We are positive about its future performance, considering its focus on registrations, rising proportion of high margin products and deeper penetration."

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On its suggestion to stock market investors in regard to Sharda Cropchem shares, Anand Rathi said, "We advise traders to go long in the stock with a stop loss of 465 apiece 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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Updated: 25 Jan 2023, 02:17 PM IST
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