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Muted bromine business; outlook improving Archean Chemical’s (ACI) Q1FY24 EBITDA dipped 16.3% YoY to INR 1.3bn due to lower volumes and prices for bromine (revenue dipped 33% YoY), while industrial salt revenue was steady, grew 3.2%. SOP shipment has also been pushed to the remaining quarters of FY24. ACI had seen early green shoots in bromine business which have been hurt by deinventorisation. It expects volume recovery immediately; however, prices may follow later. It is working wi...
Buy Archean Chemical Industries Ltd For Target Rs. 750 - ICICI Securities
Earnings miss; outlook encouraging for bromine demand Archean’s 1QFY24 earnings print was weaker than expected with EBITDA/EPS miss of ~16%/17% mainly on account of subdued bromine sales. Recently, bromine prices have started firming in China. Moreover, the management has also started seeing early signs of recovery in bromine demand. Hence, in our view, 2HFY24 should be better than 1HFY24 from both bromine volume and realisation fronts. Moreover, the company’s bromine derivativ...
Buy Archean Chemical Industries Ltd For Target Rs. 735 - JM Financial Institutional Securities
Bromine demand outlook buoyant; maintain BUY Archean’s 4QFY23 EBITDA was 4% below our expectation but 1% ahead of consensus estimates. The miss was primarily on account of slightly lower improvement in bromine sales volume. However, higher industrial salt realisation surprised us positively. This was on account of contract revision (likely with its long-term partner Sojitz) with effect from Jan’23. Going forward, the management expects bromine prices to stabilise around the cur...
Buy Archean Chemical Industries Ltd For Target Rs. 810 - JM Financial Institutional Securities
Bromine business to face near-term challenges Archean Chemical’s (ACI) Q4FY23 EBITDA grew 21.5% YoY to Rs1.9bn due to robust pricing in bromine and salt segments. Company is seeing pressure on bromine export volumes and realisations, which is expected to improve only in the next two quarters. Bromine realisation is likely to dip to US$4/kg from ~US$4.7 in FY23. Salt has segment positively surprised on pricing, which is expected to remain stable in FY24 though volumes are likely to wi...
Buy Archean Chemical Industries Ltd For Target Rs. 750 - ICICI Securities
Archean Chemical Industries Building on the Bromine Advantage Capitalising on India’s natural advantage of bromine reserves: Amid i) depleting underground brine reserves of China and the US, and ii) receding water level of the northern basin of the Dead Sea, India’s bromine production from Rann of Kutch has risen rapidly. In our view, ACIL, being the largest and one of the lowest-cost Indian producers of bromine, is likely to continue benefitting from its brine reserves in R...
Update On : Archean Chemical Industries By JM Financial Institutional Securities
Archean Chemical Industries has debuted at Rs 449.00 on the BSE, up by 42 points or 10.32% from its issue price of Rs 407. The scrip is currently trading at Rs 454.25, up by 47.25 points or 11.61% from its issue price. It has touched a high and low of Rs 476.05 and Rs 440.05 respectively. So far 8.18 lakh shares were traded on the counter. The offering, which was open for subscription between November 09, 2022 and November 11, 2022 was subscribed 32.23 times. The issue price was fixed a...
Archean Chemical Industries lists with 10.32% premium on the BSE
A leading B2B player in the specialty marine chemicals KEY CHANGES: TARGET Archean Chemical Industries Ltd (ACIL) is a leading marine specialty chemical manufacturer focused on producing and exporting bromine, industrial salt, and sulphate of potash. Incorporated in 2003 at Chennai, Tamil Nadu, they are the largest exporter of bromine and industrial salt by volume in India. They produce the products from the brine reserves in the Rann of Kutch, Gujarat, and manufacture the products at the ...
IPO Note : Archean Chemical Industries Ltd By Geojit Financial Services
Salient features of the IPO: • Archean Chemical Industries Ltd. (ACIL), a specialty marine chemical manufacturer, is coming up with an IPO to raise around Rs. 1,460cr, which opens on 9th Nov. and closes on 11th Nov. 2022. The price band is Rs. 386 - 407 per share. • India Resurgence Fund (under two schemes) and Piramal Natural Resources Pvt. Ltd., are the investor selling holders and are partially offloading their stake in the company. Post-issue, their stakes will fall to 11....
IPO Note : Archean Chemical Industries Ltd By Choice Broking
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