Buy any correction in India's PI Industries - Motilal Oswal

PI Industries

11/10/2023 09:13

** PI Industries  PIIL.NS  up 1.3% at about 3,505 rupees,
rising for fourth straight session
    ** Motilal Oswal reiterates "buy" rating and 4,560 rupees
price target on the agro-chemicals maker's stock
    ** Brokerage remains bullish on PI's custom synthesis and
manufacturing (CSM) unit business and pharma segment ambitions
    ** Says "any correction in the stock is an opportunity to
buy a quality business at a better valuation"
    ** PI has dropped nearly 10% since reporting results on Aug.
9; Motilal Oswal last published a note on PI on Aug. 11
    ** Brokerage ascribes one-year forward P/E of 36x vs 27x
currently and vs 3-5 yr avg of 35-37x
    ** Avg rating of 23 analysts on PI is "buy" and median PT is
4,273 rupees - LSEG data

 (Reporting by Savio Dsouza)
 ((savio.dsouza@thomsonreuters.com;))