This small-cap agrochemical company has given over 118% return in a year; here's what Nuvama recommends
Nuvama has given a target price of Rs 1,184 apiece on the stock, which implies an upside of 43.8 per cent from Tuesday's closing price of Rs 823.15.
![This small-cap agrochemical company has given over 118% return in a year; here's what Nuvama recommends](https://cdn.zeebiz.com/sites/default/files/2023/09/13/260428-nuvama.jpg?im=FitAndFill=(1200,900))
Brokerage firm Nuvama in its latest report recommended buying shares of Kilpest India as it believes that the small-cap agrochemical and pesticides company will sustain healthy growth in the molecular diagnostics business.
Nuvama has given a target price of Rs 1,184 apiece on the stock, which implies an upside of 43.8 per cent from Tuesday's closing price of Rs 823.15.
Why is the brokerage firm bullish on Kilpest India?
In its report, the brokerage said that the market for molecular diagnostics in India stands at Rs 300 crore to Rs 400 crore, and as Kilpest India commands a 10 to 12.5 per cent market share, the company has huge growth potential on the strength of its in-house enzyme production and bulk procurement of other components.
Secondly, Kilpest India has a strong foothold in real time PCR-based molecular diagnostic kits and is set to expand the rapid test kits for infectious diseases and antimicrobial resistance (AMR), which will be beneficial for the company.
The brokerage says that the company is actively looking to expand its customer base across European markets, which can be considered a positive sign.
Meanwhile, to focus on the molecular diagnostics business, Kilpest India is merging with 3B BlackBio Biotech, which will help expand its business globally through subsidiaries.
Kilpest India share price: Past performance
In a year, Kilpest India shares have given over 118 per cent returns, which is a sharp rise compared to Nifty's return of nearly 11 per cent in the same duration.
The stock has also outperformed the headline index by giving over 61 per cent return.
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