India's UPL climbs as multiple brokerages upgrade ratings on strong Q3 results

Dhanuka Agritech

03/02/2025 05:43

** Shares of agrochemicals maker UPL  UPLL.NS  jump 3.7% to
626.2 rupees, eye their biggest one-day gain in nearly four
years, if current trend holds 
    ** At least 10 brokerages have hiked price targets on UPL
stock following strong Q3 results on Friday, and three raised
ratings - LSEG data 
    ** Investec says UPLL reported Q3 EBITDA margin at 19.8%,
beating their estimate of 18% on favourable products mix,
normalisation of rebate to dealers, improvement in prices 
    ** Brokerage ups PT by ~56% to 700 rupees - a 16% premium on
last close; raises rating to "buy" from "sell" 
    ** Jefferies says business normalisation, recovery of
volumes and prices drove Q3 growth 
    ** Raises PT by 10% to 710 rupees; retains "buy" 
    ** Over 7.2 mln shares traded, 3.4x the 30-day avg 
    ** UPLL stock rated "buy" on avg, same as peer Dhanuka
Agritech  DHNP.NS , while Rallis India  RALL.NS  rated "sell" -
LSEG data 
    ** YTD, UPLL stock up ~25%, while DHNP and RALL down 5.3%
and ~20%, respectively  


 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))