Chemplast Sanmar shares made a tepid debut at Indian bourses today as the stock opened at ₹525 — near 3 per cent lower from its upper price band of ₹541. In the intraday trade session (till 12:03 PM), Chemplast share price has made its day high of ₹550 while it has made its day low of ₹510 at NSE. According to experts, the stock has weak fundamentals and due to the volatility in the markets, it may come down below ₹500 levels. They said that one should come out of its current position and buy only when it comes around ₹470 to ₹475 per stock levels for the 9 months target of ₹620.
Speaking on the Chemplast Sanmar share price target; Jyoti Roy, DVP- Equity Strategist at Angel Broking said, “If the share falls below the issue price, one should avoid fresh buy in the counter. On account of concerns due to high debt on books and negative net worth, we had given neutral call on the public issue.”
However, Ravi Singhal, Vice Chairman at GCL Securities said that if the stock comes below ₹500, then one can buy the specialty chemical stock at around ₹470 to ₹475 levels maintaining stop loss at ₹444. He said that the stock may rebound and go up to ₹620 in next 9 months.
On his suggestion to those who have this stock in their portfolio, Ravi Singhal of GCL Securities said that the issue has opened below its issue price and the market is expected to remain volatile for next few trade sessions as well. So, one should exit the counter as it is trading around its upper price band of ₹541. He advised Chemplast share holders to exit at CMP and make fresh buy only when it comes around ₹470 to ₹475 per stock levels.
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