India's PI Industries hits all-time high on strong June-qtr profit

PI Industries

05/08/2020 07:58

** Shares of agro chemicals maker  PIIL.NS  rise as much as
6.83% to an all-time high of 1960 rupees
    ** Gurugram-based co on Tuesday reported 43% rise in June
qtr profit, helped mainly by surge in domestic revenues
 urn:newsml:reuters.com:*:nFWN2F60GF
    ** Business outlook remains robust with good progress of
overall south-west monsoon, continued robust demand for branded
products - PIIL 
    ** Earnings growth trajectory for co likely to remain robust
led by introduction of new molecules as well as ramp-up of
existing products - Ambit Capital, which reiterated "buy" on
stock as its top pick in the sector
    ** 18 out of 28 analysts tracking stock rate it at "buy or
strong buy"; 8 "hold"; 2 "sell or strong sell" - Refinitiv data
    ** PIIL shares up 26.9% this year as of last close

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))