In the past three months, Navin Fluorine
outpaced the market by zooming 56 per cent, as against a 8 per cent rise in the S&P BSE Sensex.
On December 12, Navin Fluorine announced that it is planning a capex programme at Dahej (Gujarat) through a wholly owned subsidiary with an estimated aggregate capital outlay of over Rs 450 crore over the next 3–4 years.
"The legacy business should continue to grow at a slower pace as investments are largely flowing into Contract Research and Manufacturing Services (CRAMS) and Specialty chemicals. New orders in CRAMS give earnings visibility. The specialty business is also demonstrating robust traction. Both these business units will boost margins," HDFC Securities said. The stock, however, trading above the broekrage firm's 12-month target price of Rs 870 per share.
At 10:13 am, Navin Fluorine was trading 3 per cent higher at Rs 1,056 on the BSE, as against a 0.22 per cent decline in the benchmark Sensex. A combined 111,113 equity shares have changed hands on the counter on the NSE and BSE so far.