This stock has increased by 289% this year, the brokerage firm also gave advice to buy, will you bet?

Multibagger Stock: Domestic brokerage and research firm ICICI Securities has initiated coverage on multibagger stock Gujarat Fluorochemicals (GFL) with a ‘Buy’ rating. Specialty chemical stock Gujarat Fluoro has given multibagger returns of over 142% in the six-month period alone, while it is up 289% in the year-to-date period.

The brokerage has given a ‘Buy’ rating with a target price of ₹3,086 per share. “Despite a strong earnings outlook, GFL is trading at a reasonable P/E multiplier of 20x FY24 versus 42.1x for Naveen Fluorine and 27.5x for SRF,” the brokerage firm said in the note.

The demand for fluoropolymers has increased due to their high performance and increasing use in new age verticals. GFL is the only manufacturer of fluoropolymers in India and, according to the brokerage, one of the very few names outside China is the prominent name Fluoropolymer Portfolio.

According to the brokerage firm, GFL has not only built up production capacity globally, but has also established a technical sales team (to drive application expertise) and supply chain.

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