Sharda Cropchem on new high
Sharda Cropchem has been having a dream-run on the bourses since 9th April. Hitting a new high first at Rs.353.70 on 9th, then Rs.359.65 on 10th and today’s new high is at Rs.386.60. And for a stock which see’s a two-week average volume of 94,000 shares, today alone it has clocked some 97,000 share trades.
A crop protection chemical company, the interest on the counter is on expectation that it will end Q4 and FY15 on a much higher note. Seasonally, for the companies in this sector, Q4 is usually very good and this seasonal impact is expected to offset the currency impact – Sharda exports 40% of its turnover to Europe and it would have to bear the brunt of a depreciating euro.
And in a TV interview, the company stated that it expects to grow at an average rate of around 20-22%, same as in previous couple of years.
This company had gone public in Sept’14 with an issue price of Rs.156 and it had got listed at Rs.256 and since then it has been amongst the few IPO companies which have done very well on the bourses.