SRF

** Shares of specialty chemicals maker SRF SRFL.NS rise 2.4% to 2,833.9 rupees

** Emkay Research expects gradual pick up in specialty chemicals volume, driven by stabilization of existing products and incremental contribution from newer products

** Adds medium-term outlook remains strong, aided by firming up of refrigerant gas prices globally

** SRF well-positioned to benefit from agrochemical demand rebound, rising refrigerant prices with its specialty chemicals capex- Emkay

** New product launches in agrochemical and pharmaceutical segments to drive growth in FY26, say analysts at Systematix Institutional Equities

** Avg rating of 27 analysts is a "hold"; median PT is 2,698 rupees - LSEG data

** Stock has gained 24% so far this year

(Reporting by Ashna Teresa Britto in Bengaluru)

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Feb 21 (Reuters) - SRF Ltd SRFL.NS:

• SRF LTD - COMMISSIONS REMAINING PART OF FLUOROCARBON REFRIGERANT GAS PROJECT

• SRF LTD - PROJECT COMMISSIONED AT AGGREGATE COST OF 3.61 BILLION RUPEES

Source text: ID:nBSED8YBQ

Further company coverage: SRFL.NS

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Feb 4 (Reuters) - SRF Ltd SRFL.NS:

• SRF LTD - GOT TAX DEMAND ORDER FOR 70 MILLION RUPEES, PENALTY OF 70 MILLION RUPEES

Source text: ID:nBSEQ89XR

Further company coverage: SRFL.NS

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** SRF Ltd's SRFL.NS shares rise 6% to 2,827 rupees, hitting their highest level since Sept. 2022

** The chemicals and polymers maker posted a Q3 net profit of 2.71 billion rupees, higher than the avg analyst expectation of 2.34 billion rupees, according to data compiled by LSEG

** The chemicals segment's revenue rose 7%, driven by strong refrigeration gas demand - Jefferies

** Stock sees most active session in three weeks, trading vols at 4x their 30-day avg

** SRFL up 26% so far in January

(Reporting by Nishit Navin)

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BENGALURU, Jan 29 (Reuters) - Diary of India economic, corporate events on Jan.29

ECONOMIC, CORPORATE .BSE500 EVENTS:

NTS - 'No time scheduled'

(Compiled by Bengaluru Newsroom)

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Jan 17 (Reuters) - SRF Ltd SRFL.NS:

• GOT TAX DEMAND ORDER FOR 852.3 MILLION RUPEES

Source text: ID:nBSE257j8x

Further company coverage: SRFL.NS

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Jan 9 (Reuters) - SRF Ltd SRFL.NS:

• SRF - REPORT ON PRICE HIKE BY US REFRIGERANT GAS DISTRIBUTOR IS IN CONTEXT OF US MARKET

Source text: ID:nnAZN32GWMI

Further company coverage: SRFL.NS

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Dec 16 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• LIC - INCREASED ITS STAKE IN SHARES OF SRF FROM 4.97% TO 5.00%

Source text: [ID:]

Further company coverage: LIFI.NS

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Oct 22 (Reuters) - SRF Ltd SRFL.NS:

• SRF Q2 CONSOL NET PAT 2.01 BILLION RUPEES; IBES EST. 2.93 BILLION RUPEES

• SRF Q2 CONSOL TOTAL REVENUE FROM OPERATIONS 34.24 BILLION RUPEES; IBES EST. 35.17 BILLION RUPEES

Further company coverage: SRFL.NS

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SRF Ltd SRFL.NS:

• SRF LTD- FIRST PHASE OF AGROCHEMICAL PROJECT COMMISSIONED AT DAHEJ AT 1.90 BILLION RUPEES

Source text for Eikon: ID:nBSE6pkKCw

Further company coverage: SRFL.NS

July 30 (Reuters) - SRF Ltd SRFL.NS:

• SRF - TAX DEPARTMENT RAISED DEMAND OF 7.6 MILLION RUPEES

Source text for Eikon: ID:nBSE7QYcYl

Further company coverage: SRFL.NS

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July 23 (Reuters) - SRF Ltd SRFL.NS:

• SRF Q1 CONSOL NET PAT 2.52 BILLION RUPEES

• SRF Q1 CONSOL TOTAL REVENUE FROM OPERATIONS 34.64 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: SRFL.NS

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July 16 (Reuters) - SRF Ltd SRFL.NS:

• TO CONSIDER ISSUE OF NON-CONVERTIBLE DEBENTURES WORTH UPTO 7.5 BILLION RUPEES

Source text for Eikon: ID:nBSE9LFspf

Further company coverage: SRFL.NS

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BENGALURU, May 14 (Reuters) - Chemicals maker BASF India BASF.NS on Tuesday posted a fourth-quarter profit that nearly doubled, helped by strong demand for its materials and agriculture solution businesses.

Profit rose 96% year-on-year to 1.62 billion rupees ($19.4 million) for the three months ended March 31 from 823.9 billion rupees a year earlier.

Revenue from operations rose 2.5% to 33.60 billion rupees.

The materials segment of BASF India, which comprises of its performance materials & monomers businesses used in segments like transportation, appliances and footwear reported a 13.3% rise in quarterly revenue while the agriculture solution segment, which includes insecticides, herbicides, fungicides among others grew 12.4%.

This helped offset the 11.2% and 1.7% fall in quarterly revenue of the nutrition & care and industrial solutions segments respectively.

The Indian arm of Germany's BASF BASFn.DE posted its third straight quarterly profit at a time when most other chemical companies are still grappling with high inventory and destocking for the past few quarters.

Earlier this month, peer chemicals and polymers maker SRF SRFL.NS posted a drop in profit for the fifth quarter in a row as its chemical business, which consists of specialty chemicals, fluorochemicals, and agrochemicals among others continued to face weak demand.

BASF India also declared a dividend of 15 rupees per share for the fiscal 2024. Share of the company rose as much as 14.5% after the results to hit a record high of 4,690.75 rupees.

($1 = 83.5080 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru)

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BENGALURU, May 13 (Reuters) - Agrochemicals maker UPL UPLL.NS reported a surprise quarterly profit on Monday as revenue fell less than expected amid inventory destocking, sending its shares up 6.4%.

The herbicide and insecticide maker said revenue from operations fell about 15% to 140.78 billion rupees, marking its fourth straight quarter of decline due to inventory destocking and soft demand, but beat Street expectations of 122.39 billion rupees, according to LSEG data.

Volumes recovered compared to the third quarter, largely led by strong sales of the company's high-margin sustainable agriculture portfolio, which contributed to 36% of its crop protection revenue versus 29% last year, UPL said.

That helped UPL post a net profit of 400 million rupees ($4.8 million) for the quarter ended March 31, compared with analysts' expectations of a loss of 3.33 billion rupees. The company reported a profit of 7.92 billion rupees a year ago.

UPL said it expects 4%-8% growth in revenue in fiscal 2025 and earnings before interest, tax, depreciation and amortization (EBITDA) growth of more than 50% for the period.

Agrochemical and fertilizer companies in India, including Coromandel International CORF.NS and SRF SRFL.NS, faced a lackluster fourth quarter, largely due to destocking of inventory - the process of emptying out excess inventory levels following low demand.

Water shortages in southern India also contributed to the overall lack of demand.

"We expect a return to growth and normalization in margins driven by the agchem market returning to normality in fiscal 2025," said Mike Frank, chief executive of UPL Corporation, UPL's Mauritius-based unit.

Analysts are optimistic about the fiscal 2025 outlook for domestic agri-input firms on expectations of a better monsoon and higher nutrient-based subsidy - a government programme that subsidises fertilisers depending on their nutrient content - in the first half of 2025.

($1 = 83.5061 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru; Editing by Janane Venkatraman and Sonia Cheema )

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BENGALURU, May 7 (Reuters) - Indian chemicals and polymers maker SRF SRFL.NS posted a drop in profit for the fifth quarter in a row on Tuesday, hurt by sustained weak demand in its mainstay chemicals business.

SRF's chemical business, which consists of specialty chemicals, fluorochemicals and agrochemicals among others, contributes half the company's quarterly revenue.

WHY IT'S IMPORTANT

The chemical industry has been grappling with high inventory and destocking for the past few quarters, leading to continuous pressure on volume and margins, according to analysts.

SRF said that besides inventory rationalization, prices were also under pressure due to low-priced products from China. It said its fluorochemicals business was hit by China's dumping of refrigerants in India and the international markets.

Peer Coromandel International CORF.NS also reported a lower fourth-quarter profit due to subdued demand for its fertilizer and nutrient chemicals.

BY THE NUMBERS

SRF's consolidated net profit fell nearly 25% to 4.22 billion rupees ($50.6 million) in the quarter ended March 31.

Revenue from operations fell 5.5% to 35.7 billion rupees, with revenue from its chemical business segment sliding 13.6%.

KEY QUOTES

"We have seen a reasonable recovery in our chemicals business in the fourth quarter ... (we) believe that this recovery will pick up pace in the second half of fiscal 2025," Ashish Bharat Ram, chairman and managing director, said.

GRAPHIC

($1 = 83.4770 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru; Editing by Savio D'Souza)

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March 28 (Reuters) - Kama Holdings Ltd KAMH.BO:

• KAMA HOLDINGS LTD - FURTHER SOLD 125,000 EQUITY SHARES OF SRF FOR 319 MILLION RUPEES

• KAMA HOLDINGS LTD - SHAREHOLDING OF CO IN SRF HAS REDUCED TO 50.2134%

Source text for Eikon: ID:nBSE7NXMSr

Further company coverage: KAMH.BO

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March 27 (Reuters) - Kama Holdings Ltd KAMH.BO:

• KAMA HOLDINGS LTD - CO SOLD 675000 OF EQUITY SHARES CAPITAL OF SRF

• KAMA HOLDINGS LTD - SHAREHOLDING OF CO IN SRF REDUCED TO 50.2556%

• KAMA HOLDINGS LTD - CONSIDERATION RECEIVED FROM SALE IS 1.73 BILLION RUPEES

Source text for Eikon: ID:nBSEcdhCyT

Further company coverage: KAMH.BO

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BENGALURU, Jan 30 (Reuters) - Indian chemicals and polymers manufacturer SRF SRFL.NS on Tuesday reported its third-quarter profit more than halved - its fourth straight quarterly profit drop - hurt by sustained weakness in global demand for its mainstay chemicals business.

Consolidated net profit after tax fell to 2.53 billion rupees (about $30 million) for the three months ended Dec.31 from 5.11 billion rupees a year ago.

Its revenue from operations fell 12% to 30.53 billion rupees.

For further highlights, click (Full Story)

KEY CONTEXT

Indian chemical makers saw subdued global demand, and prices of refrigerant - a fluid used in the cooling process in air conditioners - remained muted in a seasonally weak quarter, hurting profitability, analysts said.

Peer Coromandel International CORF.NS also reported a fall in third-quarter profit earlier in the day, hurt by soft demand for its fertilizers and nutrient chemicals business. Brokerage Jefferies had earlier picked peer PI Industries PIIL.NS over SRF on strong volume outlook.

PEER COMPARISON

* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

OCTOBER-DECEMBER STOCK PERFORMANCE

-- All data from Refinitiv

-- $1 = 83.1400 Indian rupees

(Reporting by Manvi Pant in Bengaluru; Editing by Janane Venkatraman)

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Jan 22 (Reuters) - SRF Ltd SRFL.NS:

• GOT PENALTY OF 157.3 MILLION RUPEES, 96.4 MILLION RUPEES EACH IN CONNECTION TO CONCESSIONAL/EXEMPT SUPPLIES CLAIMS MADE BY CO

Further company coverage: SRFL.NS

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** Shares of SRF SRFL.NS fall as much as 2.10% to 2,345.35 rupees

** Jefferies downgrades specialty chemicals co to "underperform" from "hold"; PT at 2,140 rupees, implied downside of 14%

** Jefferies' PT is second-lowest among 26 analysts tracking SRFL and 17.69% lower than median PT of 2,600 rupees

** Mean rating of analysts tracking SRFL equivalent to "buy" - LSEG data

** SRFL's business recovery to lag recent stock rally making risk-reward unfavourable - Jefferies

** SRFL's shares have rallied ~13% in last two months of 2023 before shedding 5% this month so far, including today's losses

** Jefferies expects demand weakness in specialty chemicals, refrigerant gases to persist in H2FY2024

** In specialty chemicals segment, brokerage identifies PI Industries PIIL.NS as top pick due to healthy volume growth outlook and reasonable valuations; PIIL shares up 0.75%

(Reporting by Bharath Rajeswaran in Bengaluru)

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Dec 13 (Reuters) - SRF Ltd SRFL.NS:

• HAS INFUSED ADDITIONAL EQUITY SHARE CAPITAL IN UNIT WORTH 3.55 BILLION RUPEES

Source text for Eikon: ID:nBSE2HJZLZ

Further company coverage: SRFL.NS

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Dec 12 (Reuters) - SRF Ltd SRFL.NS:

• SRF LTD - COMMISSIONING AND CAPITALISATION OF CAPITAL EXPENDITURE PROPOSAL APPROVED

• SRF LTD - TWO OUT OF FOUR PLANTS HAVE BEEN COMMISSIONED AND CAPITALIZED TODAY AT AN AGGREGATE COST OF 2.25 BILLION RUPEES

Source text for Eikon: ID:nBSE5XfljR

Further company coverage: SRFL.NS

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** Shares of SRF Ltd SRFL.NS up 3.28% to 2,445 rupees; among top gainers in Nifty Next 50 .NN50 which is up 0.66%

** Brokerages reiterate positive growth outlook for the chemicals manufacturer after a meeting with the management

** Demand seen picking up in H2 FY24, while the outlook remains favourable for fluoropolymers business, says Kotak Institutional Equities, retaining a "buy" recommendation

** Specialty chemicals business to see improvement over next six to nine months, says JM Financial, adding that SRFL remains at the forefront of capturing growth in fluorochemicals space

** Jefferies lists efficient management, industry-leading execution and domain expertise as positives for SRFL; awaits favourable risk-reward before turning more constructive

** Trading volume is 2.5x the 30-day avg as of 11:18 a.m. IST - LSEG data

** Including day's gains so far, SRFL up 5.6% this year, compared to 14.6% in Nifty Next 50

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Nov 20 (Reuters) - SRF Ltd SRFL.NS:

• GOT ORDER FOR IMPOSING PENALTY FOR DEMAND OF CENVAT CREDIT AMOUNTING TO 3.7 MILLION RUPEES

Source text for Eikon: ID:nBSEbH9dD2

Further company coverage: SRFL.NS

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Oct 27 (Reuters) - SRF Ltd SRFL.NS:

• SRF SEPT-QUARTER CONSOL NET PAT 3.01 BILLION RUPEES VERSUS 4.81 BILLION RUPEES

• SRF SEPT-QUARTER CONSOL SALE OF PRODUCTS 31.21 BILLION RUPEES VERSUS 36.51 BILLION RUPEES

Source text for Eikon: ID:nBSE8JY90M

Further company coverage: SRFL.NS

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Aug 15 (Reuters) - SRF Ltd SRFL.NS:

• SEARCH OF FACTORY PREMISES OF CO IN BHIWADI, RAJASTHAN WAS CONDUCTED BY GST DEPARTMENT ON AUG 14

• CONCERNED OFFICIALS HAD PERUSED CERTAIN DOCUMENTS AND ASKED FOR CERTAIN ADDITIONAL DOCUMENTS PERTAINING TO CLAIM OF GST CREDIT

• AMOUNT OF 40 MILLION RUPEES TOWARDS SGST HAS BEEN PAID UNDER PROTEST

• NO IMPACT ON THE OPERATIONS OR ANY OTHER ACTIVITIES OF CO IS EXPECTED

• ALLEGED CONTRAVENTION OF GST ACT WITH RESPECT TO TRANSACTION DATA ON SUPPLY OF GOODS, STOCK IN HAND, EXCESS CLAIM OF ITC AND REFUND

Source text for Eikon: ID:nBSE8R2pS7

Further company coverage: SRFL.NS

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** Shares of SRF Ltd SRFL.NS rise as much as 3.82%, their highest intraday pct gain more than five months

** Co commissions a dedicated facility to produce advanced intermediates for agrochemicals at Dahej in Gujarat

** Project capitalised on July 31 at an aggregate cost of 2.56 bln rupees: SRFL

** Trading volume at 1.36 mln shares as of 1:50 p.m. IST, 1.7x the 30-day avg - Refinitiv data

** Avg rating of 26 analysts close to equivalent of 'buy;' median PT is 2,600 rupees

** Including day's gains, SRFL down 1.58% in 2023 so far compared 7.20% rise in Nifty Next 50 index .NN50

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463))

** SRF shares SRFL.NS fall as much as 4.9% to 2,040 rupees, their steepest intraday pct decline since Sept. 30, 2022

** The chemicals and polymers maker on Monday reported a 41% drop in June-quarter profit

** Rev fell 14.2% on a 26.8% fall in its packaging films business

** Stock on track to fall in third straight session, if trends hold

** Nearly 1.2 mln shares change hands as of 10:04 a.m. IST, 1.7X the 30-day moving average

** Mean rating of 25 analysts is "buy"; median PT is 2,969 rupees - Refinitiv data

** Stock down 6.4% YTD as of last close

($1 = 81.7010 Indian rupees)

(Reporting by Varun Vyas in Bengaluru)

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July 24 (Reuters) - SRF Ltd SRFL.NS:

• JUNE-QUARTER CONSOL NET PAT 3.59 BILLION RUPEES VERSUS 6.08 BILLION RUPEES

• JUNE-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 33.38 BILLION RUPEES VERSUS 38.95 BILLION RUPEES

Source text for Eikon: ID:nBSE2CB63F

Further company coverage: SRFL.NS

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