India's PI Industries rises most in nearly 2 weeks on positive growth view

PI Industries

28/02/2023 07:40

** Shares of PI Industries Ltd  PIIL.NS  rise as much as
2.78% to 3,117 rupees, biggest intraday pct. gain since Feb. 16 
    ** Stock on track to snap five sessions of losses
    ** Kotak Securities analysts expect earnings of agro
chemical manufacturer to grow by 22.8% in FY24 and 21.4% in FY25
    ** "Amid elevated channel inventories of agrochemicals
worldwide, PIIL's focus on patented, exclusive molecules appears
to insulate it. Custom synthesis manufacturing product clocking
sharply better-than-expected growth in world markets," says
brokerage research firm
    ** Sets PT at 3,550 rupees, recommends "add" on stock
    ** Trading volume at ~219,200 shares as of 12:55 p.m. IST 
    ** 19 of 26 analysts covering stock have "buy" or higher
rating, six has "hold", while one rate it at "strong sell";
median PT is 3,800 rupees - Refinitiv data
    ** Stock was up 12.7% last year, extending gains for the
fourth consecutive year 


 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))