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<ul><li>While analysts remain positive about 2023, multiple factors including geopolitical tensions, rising Covid-19 cases in China, monetary policy actions could have an impact on markets.</li><li>Business Insider India has examined analyses of multiple brokerages to figure out stocks that are expected to shine in 2023.</li><li>Here are some of the stocks recommended by brokerages including ICICI Direct, HDFC Securities, Sharekhan, Motilal Oswal and Religare Broking to invest in next year. </li></ul>The year 2022 has been an eventful one, with multiple headwinds in the form of rising geopolitical tensions, continued supply chain constraints, boiling crude oil prices and elevated inflation that triggered interest rates hikes by central banks around the world, causing a turmoil in equity markets globally. As we step into 2023, equity markets could be <a href="https://www.businessinsider.in/stock-market/news/psus-stage-a-comeback-in-2022-and-the-future-looks-healthy-say-analysts/articleshow/96522444.cms">driven</a> by key sectors like banking, finance and insurance services (BFSI), IT and metals, say analysts. In 2022, the Indian equity market emerged as an outlier in a world where most markets delivered negative returns. Benchmark indices Sensex and the Nifty50 rose nearly 3% this year as domestic institutional investors stepped in to fill the gap left by foreign institutional investors (FIIs) during the year. In comparison, Asian and US markets registered a steep 10-30% fall in the year. “The relatively stable equity market in India was a result of a smart economic recovery from the pandemic shock and the growing dominance of retail investors,” said a report by Quantum Mutual Fund. In 2023, however, geopolitical tensions, rising Covid-19 cases, monetary policy actions, change in commodity prices including crude oil and India’s union budget are among factors that will impact the markets. Amid all these uncertainties, the key question is which stocks would be suitable to invest in this scenario? Business Insider India has examined analyses of multiple brokerages – including ICICI Direct, HDFC Securities, Sharekhan, Motilal Oswal and Religare Broking – to give you a list of stocks that are expected to shine in 2023. Here are the stocks recommended by brokerages for investment in 2023. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year-to-date change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Larsen &amp; Toubro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">28% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">34% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Macrotech Developers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-17% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PI Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td></tr></tbody></table>Note: Change as on December 27, 2022 <keyword id="6354919" type="General" weightage="20" keywordseo="LT" source="Orion">L&amp;T</keyword> best placed to take advantage of a capex revival Infrastructure behemoth Larsen &amp; Toubro is amongst the top picks of brokerages as they believe the company is well poised to be the key beneficiary of a <a href="https://www.businessinsider.in/stock-market/news/capital-intensive-cyclical-and-value-stocks-to-continue-their-outperformance/articleshow/95659482.cms">capex upcycle</a> driven by investments in both public and private sectors. “With a pick-up in the capex cycle and diversified segmental exposure, we believe L&amp;T is the best capex play in the large cap capital goods segment. The company is optimistic about meeting its 15% growth guidance for revenue and order inflow in FY23,” said a report by ICICI Direct Research. Debt-free Maruti Suzuki another favourite of brokerages India’s largest carmaker Maruti Suzuki is another favourite of analysts considering it is debt free, pays consistent dividend, and has strong free cash flow and healthy financials. “Maruti is on a strong footing for a recovery in market share and margin with launches gaining traction and semiconductor shortages easing. It can gain further market share, led by an expected shift towards petrol and hybrid vehicles, resulting in ~14% volume CAGR over FY22-25E,” said a report by Motilal Oswal. In the next 2 years, the automaker intends to launch products in the utility vehicle segment, focus on premiumisation and revamp its existing product portfolio. SBI and Axis Bank among top BFSI picks State Bank of India and private lender Axis Bank are also among stocks that might do well next year. Analysts say SBI is one of the few large-cap stocks available at a reasonable valuation with high growth visibility led by strong retail loans and a pick up in the corporate segment. “Bank lending has been growing at double-digit rates as of this fiscal. Revival in consumer demand, rise in private capex followed by rise in government spending can be triggers for the growth. SBI, being a leader in the industry, could be a best play on this theme,” said analysts at HDFC Securities. Similarly, Axis Bank has also been witnessing strong growth in the retail and mid-corporate segment, which, along with micro, small and medium enterprises, would remain the key growth drivers for the bank, according to analysts at Motilal Oswal. PI Industries, Macrotech to shine The chemical manufacturer PI Industries is expected to maintain its growth momentum with better-than-expected sales growth and margin expansion. Macrotech Developers, which markets its properties under the Lodha brand, is expected to continue strong growth next year as well due to a strong pipeline, say analysts at Motilal Oswal. With the brand new year just around the corner, and several factors set to affect the markets, these commentaries from brokerages should make it easier to help build an equity portfolio in 2023. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/december-auto-sales-could-skid-sequentially-on-production-constraints-purchase-deferrals-due-to-inauspicious-period/articleshow/96617021.cms">December auto sales could skid sequentially on production constraints, purchase deferrals due to ‘inauspicious’ period</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gautam-adani-man-of-the-year/articleshow/96610248.cms">Gautam Adani: Man of the year</a>

Stock picks for 2023: L&T, SBI, Axis Bank among top brokerage picks for the new year

<ul><li>India’s <keyword id="382726" type="General" weightage="20" keywordseo="agrochemicals-industry" source="Orion">agrochemicals industry</keyword> is expected to continue growing in double digits, according to research firm Crisil.</li><li>In its latest report, Crisil says that the agrochemical industry’s revenues are estimated to grow at 15-17% in FY23, and 10-12% in FY24 as India continues to benefit from “China plus one” strategy.</li><li>Analysts believe exports will remain one of the key contributors to the agrochemical industry’s growth going forward with a share of over 50% in the industry’s total revenue.</li><li>Amongst the key players in the Indian agrochemical industry are United Phosphorus, PI Industries and Sumitomo Chemical. </li></ul>India’s agrochemicals sector will grow at 15-17% in FY23, primarily driven by strong exports and stable domestic demand, according to a report from research firm Crisil. The sector registered a 23% rise in the fiscal year ended 2022. According to Crisil, in FY24 too, the industry revenue will see an expansion – of 10-12% – as India continues to benefit from the “China plus one” strategy of global players and as patents on key molecules expire. “Export revenue is seen rising 18-20% this fiscal, with the US dollar appreciating ~9% so far and volume growing as global players continue to de-risk their China dependency. Next fiscal, exports will likely grow 12-14% as players keep up capex with an eye on molecules worth $4 billion going off-patent over the next two years,” said Poonam Upadhyay, director at Crisil Ratings. As a result, exports will remain the major contributor to the agrochemicals sector accounting for around 53% of the total revenue, says the Crisil report. India has been at the forefront of the chemicals and agrochemicals space during the last one decade because of tightening of environmental regulations in China in 2015 and its subsequent fallout on the global chemicals supply chain, according to a report by Centrum Institutional Research. United Phosphorus (UPL) is the top pesticide and agrochemicals company in India based on market capitalization, followed by PI Industries and Sumitomo Chemical. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top agrochemicals companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market cap </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YTD % change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹55,313 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PI Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹52,324 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sumitomo Chemical </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹23,639 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bayer CropScience </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹21,862 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fine Organic Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹17,185 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">48% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BASF </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11,974 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rallis India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,595 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-14% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sharda Cropchem </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,103 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">29% </td></tr></tbody></table>Source: NSE, as on 3:30 p.m Input costs to weigh While the industry growth is expected to be in the double digits according to the Crisil report, high raw material prices are expected to take their toll. The report says that prices of crude and yellow phosphorus, the key raw materials, shot up by 40-45% and 18-22%, respectively, in the latter half of the last fiscal. “Continued high prices, despite some moderation lately, will dent gross margins by 90-110 basis points. However, higher operating leverage, derived from better cost absorption, will ensure overall operating margin remains at 15-16% this fiscal, only marginally lower compared with fiscal 2022. Margins are expected to stabilise at similar levels next fiscal,” said the report. Higher operating leverage would help sustain operating margins at 15-16% in the current and next fiscal (16.6% last fiscal), despite input prices remaining elevated, as per the Crisil report. Surplus rain in September, favourable weather conditions and continued government focus on improving farm incomes will aid growth in the domestic segment, which is expected to expand 10-12% in FY23, Crisil said. Going ahead, supply chain disruptions, sharp volatility in raw material prices, and the next monsoon season will be key factors that will affect the sector’s growth, Crisil said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/housing-demand-in-october-december-2022-rose-19-over-last-year-proptiger-report/articleshow/96569246.cms">Housing demand in October-December 2022 rose 19% over last year: PropTiger report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/list-of-countries-that-are-safe-to-travel-this-new-year-amid-rising-covid-cases/slidelist/96565450.cms">Here’s a list of countries that are safe to travel this new year amid rising Covid cases</a>

India’s agrochemicals industry to see double-digit growth in FY23 and FY24 on  strong exports boost, says Crisil

<ul><li>The ₹525 crore initial public offering (IPO) of agrochemical company <keyword id="10058507" type="UNKNOWN" weightage="20" keywordseo="Heranba-Industries">Heranba Industries</keyword> opened today.</li><li>The company has fixed a price band of ₹626-627 per share, and the issue will remain open for subscription till February 25.</li><li>The shares were commanding a premium of ₹140-150 in the grey market over the set price band of ₹626-627 per share.</li><li>According to Angel Broking, the company has a robust past track record of performance. It has a strong financial position and has been generating positive cash flow.</li></ul>The ₹525 crore initial public offering (IPO) of agrochemical company Heranba Industries opened today and has so far seen a decent subscription rate. In just two hours of opening, the retail portion of the issue was subscribed 77%, and the overall subscription was at 39%. The company has fixed a price band of ₹626-627 per share, and the issue will remain open for subscription till February 25. <div type="Article" hostid="261" msid="81163638" title="Mukesh Ambani’s Reliance hives off O2C business ahead of Aramco deal" mstype="2" mssubtype="0"></div> The Gujarat-based company is a crop protection chemical manufacturer, exporter and marketer. Heranba is one of the leading domestic producers of synthetic pyrethroids like cypermethrin, alphacypermethrin, deltamethrin, permethrin, lambda-cyhalothrin. <div type="image" title="Heranba Profit" msid="81169614" hostid="261"></div> The public issue has received positive reviews from top brokerages, and the grey market is ready to pay a hefty premium for its shares. The shares were commanding a premium of ₹140-150 in the grey market over the set price band of ₹626-627 per share. However, the grey market is not an official measure of the market premium. Streets View: Heranba Industries <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hem Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Capital Markets </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Direct </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr></tbody></table> Bigger market share, decent IPO pricing, strong future outlook and others that led to positive reactions from analysts Leading domestic player and growing export market According to the ICICI Direct report, Heranba is one of the leading domestic producers of pyrethroids in India. The company held 19.5% domestic market share in 2019, and 68% of its FY20 revenues came from the segment. “It is in the entire value chain of synthetic pyrethroids that provides flexibility to shift between products depending on the demand-supply and pricing dynamics,” it added. The brokerage said more than half of the global demand for Pyrethroids comes from China, and due to the shutdown of chemical plants in China amid pollution, higher volumes of Pyrethroids are expected to be exported out of India. Strong product portfolio and stable revenue base The company manufactures and supplies raw material to leading domestic and multinational agrochemical companies such as Sumitomo Chemical, Sulphur Mills, PI Industries and others. <div type="image" title="slider-04" msid="81169711" hostid="261"></div> It also procures certain raw material from other companies depending on demand and supply, and pricing dynamics. This diverse and stable customer base provides the necessary revenue stability to the company as not more than 18.57% of its aggregate sales come from its top ten customers for the period ended September 30. Justified valuation According to Angel Broking, the company has a robust past track record of performance. It has a strong financial position and has been generating positive cash flow. The IPO has been priced at 22.1x PE (price to earnings) on a trailing basis, which is quite reasonable by looking at the company's future prospects, the brokerage added. The price-to-earnings (P/E) ratio shows the price that the market is willing to pay for a stock based on its earnings. Higher the P/E, the more expensive the stock. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Peers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Trading at a PE </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rallis India </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.1x </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sumitomo Chemicals </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">47.3x </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharat Rasayan </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">27.0x </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ipo-bound-zomato-valuation-jumps-to-5-4-billion-as-it-cashes-in-another-250-million/articleshow/81164109.cms">IPO-bound Zomato's valuation jumps to $5.4 billion as it cashes in another $250 million</a> <a href="https://www.businessinsider.in/business/startups/news/indian-startup-founders-are-wary-of-chinese-investors-prioritise-follow-up-funding-over-term-sheet-conditions/articleshow/81166682.cms">Indian startup founders are wary of Chinese investors, prioritise follow-up funding over term sheet conditions</a>

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<ul class="summary-list"><li>The Francis Scott Key Bridge in Baltimore collapsed after a container ship collided with it.</li><li>Several entities will likely be on the hook to foot the bill in the aftermath of the disaster.</li></ul>The <a target="_blank" href="https://www.businessinsider.com/francis-scott-key-bridge-baltimore-collapses-after-struck-large-boat-2024-3">Francis Scott Key Bridge</a> in Baltimore collapsed on Tuesday after a large container ship ran into it, leading to six presumed deaths and millions of dollars in possible damage.It's still too early to estimate the total <a target="_blank" href="https://www.businessinsider.com/amazon-fedex-deliveries-baltimore-could-be-impacted-by-bridge-collapse-2024-3">economic impact</a> of the disaster, but between the cost of rebuilding the decades-old bridge, compensating the <a target="_blank" href="https://www.businessinsider.com/baltimore-bridge-collapse-developing-mass-casualty-event-2024-3">victims' families</a>, and paying out damages for disruptions to the supply chain, the eventual cost of the disaster is expected to be significant.<h2>Who will pay to rebuild the bridge?</h2>President Joe Biden said on Tuesday the federal government should be responsible for paying to reconstruct the damaged Francis Scott Key Bridge."It is my intention that the federal government will pay for the entire cost of reconstructing that bridge, and I expect Congress to support my effort," Biden said.The bridge was built in the 1970s for about $60 million, but the cost of rebuilding it could be 10 times its original price tag, an engineering expert told <a target="_blank" href="https://news.sky.com/story/baltimore-trade-implications-from-francis-scott-key-bridge-collapse-as-rebuild-could-cost-600m-13102108">Sky News. </a><div type="image" title="A picture of the Francis Scott Key Bridge in Baltimore, Maryland" height="1414" width="2121" msid="108804526" hostid="261" sizebytes="128986"></div>Baltimore is among the <a target="_blank" href="https://www.businessinsider.com/baltimore-bridge-collapse-halts-shipping-traffic-port-2024-3">busiest ports in the nation</a>, seeing more than a million shipping containers pass through each year. The collapse — which closed the port to all maritime and most road traffic until further notice — is already beginning to wreak havoc on the supply chain.The <a target="_blank" href="https://www.businessinsider.com/baltimore-port-closure-could-cost-15-million-per-day-2024-3">cost of building the bridge</a> back fast enough to offset diversions as much as possible could saddle the government with a more than $600 million bill, David MacKenzie, chair of engineering and architecture consultancy COWIfonden, told Sky News.<h2>Who will pay for damages to the ship and its cargo?</h2>The container ship, <a target="_blank" href="https://www.businessinsider.com/what-we-know-dali-francis-scott-crash-collapse-maryland-bridge-2024-3">the Dali</a>, is owned by a Singapore-based firm. The ship's charterer, Maersk, confirmed to Business Insider that vessel company Synergy Group operates the ship. However, the companies with cargo aboard the Dali will ultimately be responsible for the ship's damages and cargo costs.The Dali was carrying 330 containers, which now must be re-routed, according to <a target="_blank" href="https://twitter.com/typesfast/status/1772756557891297376">Ryan Petersen</a>, CEO of supply chain logistics company Flexport, which had two containers on the ship.An ancient maritime law known as "<a target="_blank" href="https://psabdp.com/psa-bdp-blog/what-is-general-average-and-what-does-it-mean-for-your-cargo">general average</a>" dictates that companies with even a single container aboard a ship have to split the damages pro rata based on the number of containers, ensuring all the stakeholders benefiting from the voyage are splitting the risk, Petersen said.<div type="image" title="Drone footage shows aftermath of the Dali container ship's collision into the Francis Scott Key Bridge in Baltimore, Maryland, on March 26, 2024." height="1152" width="2048" msid="108804527" hostid="261" sizebytes="231942"></div>The principle dates back hundreds of years and was originally meant to ensure sailors on board a ship weren't worried about specific cargo if a disaster required them to start throwing containers overboard, according to Petersen.<h2>Who will pay for everything else?</h2>The majority of the financial fallout is likely to lay primarily with the insurance industry, according to media reports.Industry experts told <a target="_blank" href="https://www.ft.com/content/17cf3f2e-e64d-4666-b1c2-2723347c2ada">FT</a> that insurers could pay out losses for bridge damage, port disruption, and any loss of life.The collapse could drive "one of the largest claims ever to hit the marine (re)insurance market," John Miklus, president of the American Institute of Marine Underwriters, told <a target="_blank" href="https://www.insurancebusinessmag.com/us/news/marine/major-reinsurers-and-pandi-club-on-hook-for-baltimore-bridge-disaster-482812.aspx">Insurance Business.</a>He told the outlet that the loss of revenue from tolls while the bridge is being rebuilt will be expensive, as will any liability claims from deaths or injuries.The Dali is covered by the Britannia Steam Ship Insurance Association Ltd., known as Britannia P&amp;I Club, according to <a target="_blank" href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/reinsurers-marine-market-to-bear-brunt-of-baltimore-bridge-collapse-80988297">S&amp;P Global Market Intelligence.</a>Britannia did not immediately respond to a request for comment from Business Insider but told FT it was "working closely with the ship manager and relevant authorities to establish the facts and to help ensure that this situation is dealt with quickly and professionally."Britannia is one of 12 mutual insurers included in the International Group of P&amp;I Clubs, which maintains more than $3 billion of reinsurance cover, sources familiar with the matter told Insurance Business.Britannia itself is liable for the first $10 million in damages, both FT and Insurance Business reported. Whatever remains is dealt with by the wider mutual insurance group and Lloyd's of London, a reinsurance market in the UK, according to FT.

Here's who could be responsible for paying for the Baltimore bridge disaster 

<ul><li>The invitation-only event saw top business houses of India under one roof.</li><li>This year, the committee received 80 by-invitation only nominations in India across 24 industry categories.</li><li> APEA has a membership base of 2000 winners, with a total net worth of over USD 50 billion.</li></ul>In a gala event organised to recognise and celebrate entrepreneurship, the <keyword id="7570094" type="UNKNOWN" weightage="20" keywordseo="Asia-Pacific-entrepreneurship-awards">Asia Pacific Entrepreneurship Awards</keyword> 2019 held on April 18 saw India’s top business houses gather for a grand evening. The invitation-only event hosted industry leaders, leading <keyword id="53533" type="COMPANY" weightage="20" keywordseo="entrepreneurs">entrepreneurs</keyword> and dignitaries including Tan Sri Dr. Fong Chan Onn, Chairman of <keyword id="3328093" type="PERSON" weightage="20" keywordseo="Enterprise-Asia">Enterprise Asia</keyword>; H.E. Dato’ Hidayat Abdul Hamid, High Commissioner of Malaysia in New Delhi; Mr. Vijay Kalantri, President of All India Association of Industries; Lieutenant General Sudhir Sharma, Advisor to Enterprise Asia; and Dato’ William Ng, President of Enterprise Asia. The event was also supported by Skill India, an initiative under the Ministry of Skill Development and Entrepreneurship, Government of India; Pernod Ricard India as the Official Beverage Sponsor; and Business Insider India and SME Magazine as Official Media Partners. Organized by Enterprise Asia, the leading non-governmental organization for entrepreneurship in Asia, APEA is a regional awards program which aims to recognize Asia’s outstanding entrepreneurs and enterprises for demonstrating sustainable growth, responsible leadership and operational excellence. As one of the largest business awards of its kind, APEA has a membership base of 2000 winners, with a total net worth of over USD 50 billion. The Awards ceremony is currently held in 14 countries and markets, including BIMP-EAGA, Brunei, China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, Sri Lanka, Taiwan, Thailand, United Arab Emirates, and Vietnam. This year, the committee received 80 by-invitation only nominations in India across 24 industry categories. Being an invitation-only event, APEA open doors for winners to join an exclusive alumni of who’s who across Asia, providing them with the opportunity to share knowledge, form lifetime acquaintances, and receive complimentary access to the International Innovation Summit and International CSR Summit organized annually by the organization. “This year marks the 10th year of running the Asia Pacific Entrepreneurship Awards in India, and we are gratified by the continued interest in the program. We believe this is a reflection of the ongoing success of entrepreneurs and enterprises, as well as our steadfast commitment to upholding the highest standards of our global criteria,”shared Ng. He further commented, “The panel of judges were impressed by the quality and diversity of submissions this year and had the challenging task of evaluating and determining this year’s top nominees. The Awards were given solely on merit and aimed to commend those most deserving for their ingenuity, passion, and commitment to excellence, distinguishing them from their competitors and proving them worthy of recognition.” Leading the list of winners was Mr Salil Singhal, Chairman Emeritus of PI Industries Ltd., who received the Special Achievement Award. The Award is only dedicated to one recipient per country, and winners are entrepreneurs who have shown remarkable performance in their communication of the visions, brands, and strategies, setting new standards, and leading their business to success over a sustained period of time. Other notable winners of the APEA include Mr Ashish Khemka, Chairman and Managing Director of AMN Life Science Pvt. Ltd (Outstanding Category); Baker Hughes, a GE Company (Corporate Excellence Category); and D-Link (India) Limited (Corporate Excellence Category). According to Ng, “We are proud to be the oldest business awards program in Asia and have been privileged to shine the spotlight on some of India’s exceptional game changers of tomorrow, whose entrepreneurial spirit in growing successful businesses have made a positive and enduring impact on their community and country. Beyond recognising the efforts of these extraordinary entrepreneurs and management teams behind responsible and dynamic businesses, we hope to encourage them to continue taking their businesses to the next level, and in the process, encourage even greater entrepreneurial activity. This is aligned to Enterprise Asia's purpose, Democratizing Entrepreneurship, Institutionalizing Sustainability and Empowering Innovation.”

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