Home / Markets / Stock Markets /  These specialty chemical stocks have given multibagger returns this year

With Indian markets hitting new record high levels, many stocks from various sectors have outperformed and delivered multibagger returns this year. Among them, certain chemical stocks have rallied more than 150-200% in 2021, more than doubling since the start of this year. Brokerages are bullish on the sector as they expect India’s share in the specialty chemicals to double over the next five years.

One such stock is Balaji Amines with the company's shares skyrocketing over 270% this year (year-to-date or YTD) alone. From around 930 level in January, the stock currently trades over 3,400. Balaji Amines specialises in manufacturing methylamines, ethyl amines, derivatives of specialty chemicals and pharma excipients. It’s one of the largest manufacturers of aliphatic amines in India.

Another chemical stock Alkyl Almines Chemicals has gained more than 170% since the start of this year, turning into a multibagger stock for 2021. Alkyl Amines is a leading manufacturer of aliphatic amines in India. From 1,500 level in the start of the year, the stock now trades over 4,200 level.

HDFC Securities has an Add recommendation on Balaji Amines stock with a price target of 3,805 on robust demand from pharma and agrochemical industry whereas the brokerage has maintained Sell rating on Alkyl Amines stock with a price target of 3,200 apiece as it sees the rising raw material prices are looking as a dampener and can put pressure on the company's margins in FY22.

Meanwhile, Gujarat Fluorochemicals has been another multibagger stock in the space. Gujarat Fluoro share price has risen 200% since the start of this year. The company is engaged in manufacturing and trading of refrigerant gases, caustic soda, chloromethane, polytetrafluoroethylene (PTFE), fluoropolymers, fluoro-monomers, specialty fluoro-intermediates, specialty chemicals, and allied activities. It has been adding various new products and has filed for Lithium Hexafluoro Phosphate (LiPH6) as one of the products.

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