India's PI Industries gains as top customer raises revenue guidance

Kumiai Chemical Industry Co

12/06/2023 08:33

** Shares of PI Industries  PIIL.NS  rise as much as 3.82%
to 3,759 rupees
    ** Co's top customer, Japanese firm Kumiai, raises sales and
core profit guidance due to increased sales of pyroxasulfone
    ** Expect PIIL to ship higher volumes of pyroxasulfone over
the next couple of months, says JM Financial
    ** Brokerage adds that it will not be difficult for PIIL to
achieve its sales guidance of 18%-20%
    ** About 480,000 shares change hands as of 12:48 p.m. IST,
slightly above the 30-day avg
    ** Stock's RSI climbs to 71 during the session, suggesting
it may be overbought - Refinitiv data
    ** Avg rating of 23 analysts close to equivalent of 'buy'
with median PT of 3,872.50 rupees

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))