Saurabh Mukherjee's Chemical stock fell after Q3 results. Buying Opportunity?

 

Experts say this portfolio stock of Saurabh Mukherjee is trading in the range of ₹1,250 to ₹1,700

Saurabh Mukherjee Portfolio: Chemical stock GMM Pfaudler is undergoing selloff since morning deals. GMM Pfaudler share price opened lower today and hit a day's low of ₹1,537 on the NSE, down about 4.50 per cent from Thursday's close. Saurabh Mukherjee's portfolio stock is down almost 20 per cent from its 52-week low of ₹1,256 during the fall in intraday trade.

According to stock market watchers, GMM Pfaudler shares are falling today due to weak quarterly results yesterday. He added that the stock is a quality stock and is one of the three stocks of Saurabh Mukherjee's Little Champ. Hence, this decline can be a good opportunity for positional investors who have a long term horizon. However, he advised investors to wait for a breakout above ₹1,700 per share level or ₹1,250 support level as the stock is trading in this ₹1,250 to ₹1,700 per share range.

Speaking on the reasons for fall in GMM Pfaudler shares, Anuj Gupta, Vice President - Research at IIFL Securities said, "This Saurabh Mukherjee's Little Champ stock has fallen today as the chemical company reported its Q3 results yesterday, Which is lower than the estimates. Dalal Street. However, the stock is a quality stock and is also near its 52-week low. Hence, a bottom finisher is advised to add the quality stock to your portfolio May they look at this buy on dips stock for the long term."

Advising long-term investors to wait for more clarity in the trend, Ravi Singhal, CEO, GCL Broking said, “Shares of GMM Pfaudler are in the range of ₹1,250 to ₹1,700 per share levels. Should register above ₹1,700. Wait for a breakout or a downside correction for the stock towards its base, which is placed around ₹1,250 levels."

In Q3FY23 results, this Saurabh Mukherjee's portfolio company reported a decline of over 41 per cent in consolidated net profit at ₹18.67 crore as against ₹31.82 crore in the corresponding period of the previous financial year. However, the company's sales grew by 23 per cent to Rs 792.31 crore in Q3 of current FY20 as against Rs 642.28 crore in Q3FY22.

GMM Pfaudler shares are one of the three shares of Saurabh Mukherjee's Little Champ. Saurabh Mukherjee is the Founder and Chief Investment Officer of Marcellus Investment Managers.