Chemical Stock Fixes Record Date For Dividend, ICICI Direct Says "Buy" As Shares Can Surge 33%

Chemical stock, SRF Ltd has fixed February 7, 2023 as the record date for interim dividend. The shares of SRF Ltd declined 10% in last 1-year and gave a return of 183% in last 3-year. ICICI Direct is upbeat on the stock and assigned buy call to the stock with a target price of Rs 2900 showing an upside of 33% in a target time of 12 months. Check details pertaining to the stock below:

1. SRF Ltd Fixes Record Date For Interim Dividend

According to the BSE filing, the Board of SRF Ltd approved a second interim dividend at the rate of 36% amounting to Rs 3.60 per share. Earlier on July 21, 2022, the Board had approved the first interim dividend at the rate of Rs 3.60 per share. The record date as mentioned earlier is February 7, 2023.

2. SRF Ltd Stock Performance & Return

The last trading price of SRF Ltd is Rs 2144.75 apiece with an intraday gain in share price of 0.67%. The stock's 52-week high is Rs 2,864.35 crore and 52-week low is Rs 2,002.50 crore, respectively.

The company has a market capitalisation of Rs 63,575.71 crore. The stock gave a return of 182% in last 3-years and 499% in last 5-years.

It dived 10% in last 1 year and 11% in last 6-months. The large cap company was incorporated in 1970.

3. SRF Ltd Valuation

ICICI Direct in its November 6, 2022 report said, "We retain BUY rating on SRF on the back of 1) Sustained efforts to ride on increasing opportunities for fluoro chemicals across key industries, 2) entering into new segment of fluoropolymer PTFE and 3) visibility capex in specialty chemical segment. We value SRF on an SOTP basis to arrive at a target price of Rs 2900/share (earlier Rs 2735/share).

4. About SRF Ltd

It came into existence in 1970 and started with nylon cord tyres and thereafter diversified into refrigerant gases, speciality chemicals and packaging film to name a few over time. Chemical division forms 43% of overall revenue followed by packaging film (39%), technical textile (15%) and others (3%).

It exports to more than 90+ countries. Revenue from international market constitutes 57% of overall revenue while rest is from the domestic market segment.

Disclaimer

The stock has been picked from the brokerage report of ICICI Direct. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.