GSFC share price rises 7%: Prabhudas Lilladher expects more than 20% upside for the stock
Gujarat State Fertilizers & Chemicals Ltd (GSFC) share price gained more than 7% in morning trades on Wednesday. The Gujarat State Fertilizers & Chemicals (GSFC) share price remains in focus as news reports suggest that fertilizers may get some relief in taxes from the government.
The Gujarat State Fertilizers & Chemicals (GSFC) share price that opened at ₹241.30, more than 3% higher that previous days closing price of ₹233.75 , however added to the gains and rose to ₹250 levels on the BSE marking more than 7% gainsThe GSFC share price is rebounding well after corrections seen in May-early June period, post some disappointment reported by GSFC in the March quarter performance. The industry has seen a challenging FY24 with monsoon coming lower than expectations and also the global chemical industry seeing a destocking cycle.In the fourth quarter of 2023–24, GSFC reported a steep 89 percent year-over-year (YoY) decline in its consolidated net profit to ₹24.43 crore due to weak sales.
GSFC overall revenue decreased 16.34% YoY to ₹2,017.46 crore during the reviewed quarter. GSFC also had cited challenges resulting in revenue and operating profit degrowth de-leading to the weakness in performance.However there is optimism of a better monsoon this year as is being forecasted by meteorological departments.
The GSFC share price is rebounding too.GSFC share price as per Prabhudas Lilladher Pvt Ltd had seen a reasonable corrections from the 332 levels to a bottom at about 184 levels. It then bounced, indicating a stronger upside move ahead.
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