PIDILITE INDUSTRIES:
The current
market price of Pidilite Industries is Rs 792.05. Pidilite Industries closed
1.8% up for the day at Rs796 compared to 0.1% increase in the benchmark Nifty.
We expect the company to benefit post GST roll-out, as the proposed GST rate
for adhesives at 18 per cent is lower than the current indirect tax rate of 23
per cent for the company. Pidilite is estimated to post consolidated revenues
of Rs64.6 billion and Rs 74.1 billion and net profit of Rs10.1 billion and
Rs11.8 billion in FY18E and FY19E, respectively.
Based on expected EPS of Rs
23,there is
immediate support below the level of 790 and 760, the resistance of 830 and the
next immediate resistance of 810. Short-term targets are 820 and 850 levels.
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