Amidst the pandemic followed by extended lockdowns and surging tension nationwide, any news doing any good to the country relieves us a little every time. And this time the chemicals and petrochemicals industry has brought some optimism in the air.
India’s chemical exports rose by 7.43 % to Rs 2.68 lakh crore
India’s chemical exports have seen the biggest hike ever in its last fiscal. It rose by 7.43 % to Rs 2.68 lakh crore from April 2019- January 2020 over the corresponding period of the previous fiscal.
DV Sadananda Gowda, Union Minister of Chemicals and Fertilizers, congratulated the chemicals and petrochemicals industry on evolving as the top exporting sector of the country for the first time. He moreover cheered the industry for reaching Rs 2.68 lakh crore of total exports. This alone comprised 14.35% of the aggregate exports.
He tweeted lately, “Continuous efforts made by my Department of Chemicals and Petrochemicals have enabled the industry to become the topmost exporting segment for the first time“
Receives windfalls at the stock market
After witnessing the biggest bounce ever in the exports, chemicals and petrochemicals sector is now overwhelmed in the stock market. This decade can be presumed to be yielding for this industry according to Ambit Capital Research. It says Indian chemicals players will benefit from the expanding specialty chemicals market globally led by growing new applications alongside manufacturing shifts from China ― which has been battered by reliability and transparency woes; and EU, due to its aging workforce; focus on innovation and M&As.
Shares of SRF, Aarti Industries, Navin Fluorine, Tata Chemicals, UPL, Vinati Organics, Sudarshan Chemicals, and PI Industries gained between 2 and 8 percent in early trade on Monday. After pharma stocks, year-to-date and monthly returns for this sector are praiseworthy.