SRF Up As Board Approves Capex Proposal

Shares of SRF gained on Tuesday after its board approved capital expenditure proposal.

The board approved a project to produce specialty fluoropolymers at a cost of Rs 595 crore. It also agreed to set up facility with capacity 300 MT per annum for Rs 110 crore.

Both the projects will be financed through a mix of debt and internal accruals.

The stock was trading 1.39% higher, with volumes at 6.6 times the 30-day average.

Of the 30 analysts tracking the stock, 24 recommended ‘buy’, four suggested a ‘hold’ and two analysts maintained ‘sell’. The average of 12-month consensus price target implies a potential upside of 26.1%.

Source: Exchange filing

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