India's PI Industries rises on growth outlook after Q3 profit

PI Industries

16/02/2023 04:48

** Shares of Indian agro chemical maker PI Industries Ltd
 PIIL.NS  climb as much as 6.3% to 3,317.8 rupees, their highest
level since Jan. 10
    ** Brokerage Kotak Institutional Equities says PIIL's key
custom synthesis manufacturing product is showing
better-than-expected growth, expected to help co's revenue for
next 2-3 years
    ** Kotak upgrades rating on stock to "add" with FV of 3,550
rupees    
    ** Co reports 57.8% rise in Q3 consolidated net profit to
3.53 bln rupees ($42.7 mln) 
    ** Of 25 analysts covering the stock, 17 rate it "buy" or
higher, 7 suggest "hold", 1 recommends "strong sell"; median PT
is 3,759 rupees
    ** Nearly 730,000 shares traded as of 10:05 am IST, 2.4x
30-day moving average
    ** Stock rose 12.7% last year, its fourth straight annual
consecutive gain
($1 = 82.6300 Indian rupees)
 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com;))