Shares of SRF Ltd are in news today after the specialty chemicals firm issued a clarification on the reported price hike by a US refrigerant gas distributor ."The Company considers it necessary to clarify to the Stock Exchanges that the reported price hike by a US refrigerant gas distributor is in the context of the US market. Changes in prices of refrigerant gases for SRF will remain a function of demand and supply in our relevant market segment," said SRF Ltd.
On Thursday, shares of SRF zoomed 14.72% intra day to Rs 2697 against the previous close of Rs 2350.90 on BSE.
The rally came amid reports of a rise in prices of refrigerant gases in the US.
Later, SRF stock closed 13.67% higher at Rs 2672.25 on BSE. Market cap of the firm climbed to Rs 79,212 crore. Total 2.17 lakh shares of the firm changed hands amounting to a turnover of Rs 57.34 crore on Thursday.
According to reports, US gas distributors have raised prices for refrigerant gases, with IGas USA stating that the supply of R32 and R125 has been affected, leading to a rise in price by up to 200 per cent.
Equirus Securities said a US$ 1/kg change in R32 realisation could raise SRF's EBITDA by Rs 260 crore.