CHEMPLAST SANMAR: Integration at the forefront
(CHEMPLAS IN, Mkt Cap USD0.9b, CMP INR453, Unrated)
Chemplast Sanmar, the largest manufacturer of Specialty Paste PVC resin India, via its wholly owned subsidiary - Chemplast Cuddalore Vinyls Ltd (CCVL) is the second largest manufacturer of Suspension PVC (S-PVC) in India. It has four manufacturing facilities (all in South India) with a high degree of backward integration.
We visited the company’s Mettur facility, wherein it manufactures Refrigerant gases, Specialty Paste PVC Resin, Caustic Soda, Chlorinated Solvents, and Hydrogen Peroxide. Below are the key takeaways:
Physical proximity to key customers
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
Morning India (01/July/22): Today’s top research ideaMutual Funds Channel checks: Equity flows muted; Debt outlook positiveWe interacted with a few large Mutual Fund distributors (having AUM in excess of INR10b) and institutional sales representatives to sense the pulse of customer behavior in the current environment. - Correction in equity markets and a sharp increase in the 10-year G-Sec yield play a meaningful role in gauging customer interest for investing in Mutual Funds. - Over the past couple of months, a few major trends have emerged: a) absence of NFOs because of the regulatio...
The economic situation has changed dramatically since our last Quarterly Economic Outlook (QEO) published in Mar'22. The continuation of hostilities between Russia and Ukraine has led to an entrenched episode of higher inflation across the globe. Accordingly, many central banks have significantly hiked their policy interest rates in 2QCY22, in contrast to marginal monetary tightening seen until 1QCY22. This led to sharp reactions across global financial markets (equity, bonds and currency) and meaningful changes in global economic forecasts. The Reserve Bank of India (RBI) has been no diffe...
Higher costs will impact earnings in 1HFY23 Earnings for UTCEM as well as the Cement sector is expected to remain under pressure in 1HFY23 and lower than our earlier estimate due to: 1) sustained cost pressures (we expect a INR300-350/t increase in energy costs in 1HFY23), 2) recent decline in Cement prices, which came under pressure in Jun'22, 3) lower than our estimated growth in Cement demand in 1QFY23, and 4) tendency to increase capacities by different players (UTCEM and SRCM recently announced capacity expansions). Earnings recovery for UTCEM in FY21 and 1HY22 was driven by fixed cos...
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