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Honeywell (HON) Collaborates With DRDO & CSIR-IIP in India

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Honeywell International Inc. (HON - Free Report) recently announced its collaboration with Defence Research Development Organisation (“DRDO”) and the Council of Scientific and Industrial Research–Indian Institute of Petroleum (“CSIR–IIP”), Government of India in the fight against the coronavirus outbreak. Notably, the company’s business unit, Honeywell UOP, will help DRDO and CSIR–IIP in catering to the increased demand for oxygen in the country.

The company’s shares jumped 0.9% yesterday, ending the trading session at $223.17.

Honeywell UOP is an international supplier and licensor of process technology, adsorbents, catalysts and consulting services to the petrochemical and petroleum refining industries.

Inside the Headlines

The partnership will involve Honeywell UOP to supply molecular sieve adsorbents for the production of adequate medical grade oxygen, thereby supporting the setting up of medical oxygen plants across India. The company will help in identifying and providing alternative adsorbents for streamlining supply-related logistics and cost optimization.

For the project, experts from all three entities have teamed up for testing and validating the suitability of absorbents that would help in increasing production of oxygen in the country. As noted, Honeywell UOP has been shipping its global supply of adsorbents to India from Italy for setting up oxygen plants.

Zacks Rank, Price Performance and Estimates Trend

Honeywell, with a $155-billion market capitalization, currently carries a Zacks Rank #3 (Hold). The company is likely to gain from strength in its defense and space business, supported by stable U.S. government defense budgets in the quarters ahead. For 2021, it anticipates organic growth in the defense and space business to be flat to up in low-single digits. However, weakness across the commercial aerospace end market might adversely impact its near-term performance.

In the past three months, the company’s shares have gained 5.4% compared with the industry’s growth of 8.4%.

Zacks Investment ResearchImage Source: Zacks Investment Research

In the past 30 days, the Zacks Consensus Estimate for the company’s earnings has moved up 0.3% to $8.01 for 2021, while the same for 2022 has been raised 0.7% to $9.12.

Key Picks

Some better-ranked stocks from the same space are Griffon Corporation (GFF - Free Report) , Crane Co. (CR - Free Report) and ITT Inc. (ITT - Free Report) . While Griffon sports a Zacks Rank #1 (Strong Buy), Crane and ITT carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Griffon delivered an earnings surprise of 50.00% in the last reported quarter.

Crane delivered an earnings surprise of 26.72% in the last reported quarter.

ITT delivered an earnings surprise of 21.84% in the last reported quarter.

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