Chemical Companies Face A Setback In Guj

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Chemical Companies Face A Setback In Guj

| Updated: January 21, 2023 11:51

Marred by liquidity crunch, muted demand and skyrocketing raw material prices, stocks of major chemical companies in Gujarat have eroded by up to 19 percent in the first 20 days of January.

Companies such as Kiri Industries, GSFC, Meghmani Finechem, Atul Limited, GSFC and Gujarat Fluorochemicals among others have seen at least 10 percent erosion in their stock prices in 2023.

Analysts attribute this to a weak third-quarter performance coupled with a slowdown visible in the chemicals sector.
bottomline of companies down leading to profit erosion,” Patel added.

Chemical giants which saw a decline in share prices include Deepak Nitrite Limited (5%), Meghmani Organics (5%), Bodal Chemicals (7%), Anupam Rasayan (4%) and Gujarat Alkalies (6%), among others.

Analysts also said that ease in supply constraints and improvement in demand may prove to be a little respite for industry players.

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