Alkyl Amines Chemicals share price rises 7% but Anand Rathi Investment Services still gives a buy: Here's why
Alkyl Amines Chemicals Ltd share price gained more than 7% during the intraday trades on Thursday. Alkyl Amines Chemicals share price opened at ₹2025 levels on Thursday on the BSE with gains of around 1% over the previous close.
Alkyl Amines Chemicals share price thereafter rose to ₹2149.90 levels , marking gains of more 7% during intraday trades.Alkyl Amines Chemicals share price remains pick of the Month of Anand Rathi Investment Services. Alkyl Amines share price while is down 21.4% year to date, however with today gains has risen more than 6% in last one month,Also Read- PSU stocks: Valuation premiums likely to sustain, says MOSFL; SBI, Coal India, GAIL among 5 preferred PSU stock picksChemical stocks have remained under pressure for some time looking at the destocking cycle that continued globally.
There were concerns on demand for chemicals looking at the growth concerns in the international arena and the developed countries. The China demand scenario in itself remained a challenge while the exports from China continued to rise putting pressure on global chemical prices.
The hopes now are that the destocking Cycle may be behind . Besides chemicals demand is likely to have bottomed out.
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