According to stock market experts, Aether Industries share price has strong support at ₹720 and allottees can continue to hold the stock for short term target of ₹844 levels.

Speaking on Aether Industries share price outlook; Santosh Meena, Head of Research, Swastika Investmart said, “The company’s good listing can be attributed to a recovery in market sentiments, outstanding growth prospects of the company, and a good response from the investors. The issue was priced at a P/E of 72.30 based on annualized FY22 numbers. However, we believe that the company deserves this premium multiple due to its phenomenal growth prospects.”

The company is one of the fastest-growing specialty chemical companies in India, having a high focus on d R&D, relying on differentiated chemistry & technological core competencies, and a robust product selection process. The Indian chemical industry is witnessing a structural change due to the shift of manufacturing activities from China to India and the focus on green chemistry, as per analysts.

Advising Aether Industries share allottees to hold the stock further, Ravi Singhal, Vice Chairman at GCL Securities said, “After strong debut, allottees are advised to hold the stock with stop loss at ₹720 for immediate short term target of ₹844. Those who missed to get Aether Industries shares during allotment process can enter at around ₹750 levels for short term target of ₹844 maintaining stop loss at ₹720 per share levels.”

Calling Aether Industries shares as a portfolio stock, Santosh Meena of Swastika Investmart said, “New investors can buy for the long term and existing investors are recommended to stay invested in the company.”

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.