Neogen Chemicals Share Price: Shares of Neogen Chemicals rose by more than 12 percent today on 17 September. This rise has come after a report by brokerage firm Avendus Spark, in which it has expressed hope that this stock will become a multibagger in the next one year. Along with this, Avendus Spark has started covering this stock with a 'Buy' rating.

Neogen Chemicals Share Price: The brokerage has given a target price of Rs 3,600 for the next 12 months

Neogen Chemicals Share Price: Neogen Chemicals shares rose by more than 12 percent today on 17 September. This rise came after a report by brokerage firm Avendus Spark, in which it has expressed hope that this stock will become a multibagger in the next one year. Along with this, Avendus Spark has started covering this stock with a 'Buy' rating. The brokerage said that this stock can reach the level of Rs 3,600 in the next 12 months. It expects this stock to rise by about 111 percent from Monday's closing price. At the same time, it estimates the stock of Neogen Chemicals to reach 4,500 in the next 3 years.

Neogen's current business in the bromine/lithium chain is relatively small in size and at a maturity stage. The company is already the largest importer of lithium carbonate.

The brokerage said that the US government's Inflation Reduction Act includes strict conditions for purchasing from the domestic market. Also, efforts have been made to keep China out of the supply chain. Avendus Spark believes that due to this, Indian companies like Neogen and Gujarat Fluorochemicals can benefit. The brokerage said that with China out, Indian companies now have to compete directly with Japan and Korea, where the manufacturing cost is very high.