Despite the target drop, SRF shares rise 4% on the Axis Capital upgrade.

Shares of SRF Ltd. are trading over 4% higher on Friday, November 28, after Axis Capital upgraded the stock to ‘Buy’ from its earlier ‘Add’ rating. However, the brokerage has trimmed its price target to ₹3,330 from ₹3,410 per share. In its note, Axis Capital said the company’s chemical business offers healthy medium-term growth potential and expects a 23% CAGR in this segment over FY25 to FY28