India's UPL climbs as multiple brokerages upgrade ratings on strong Q3 results
03/02/2025 05:43
** Shares of agrochemicals maker UPL UPLL.NS jump 3.7% to
626.2 rupees, eye their biggest one-day gain in nearly four
years, if current trend holds
** At least 10 brokerages have hiked price targets on UPL
stock following strong Q3 results on Friday, and three raised
ratings - LSEG data
** Investec says UPLL reported Q3 EBITDA margin at 19.8%,
beating their estimate of 18% on favourable products mix,
normalisation of rebate to dealers, improvement in prices
** Brokerage ups PT by ~56% to 700 rupees - a 16% premium on
last close; raises rating to "buy" from "sell"
** Jefferies says business normalisation, recovery of
volumes and prices drove Q3 growth
** Raises PT by 10% to 710 rupees; retains "buy"
** Over 7.2 mln shares traded, 3.4x the 30-day avg
** UPLL stock rated "buy" on avg, same as peer Dhanuka
Agritech DHNP.NS , while Rallis India RALL.NS rated "sell" -
LSEG data
** YTD, UPLL stock up ~25%, while DHNP and RALL down 5.3%
and ~20%, respectively
(Reporting by Manvi Pant in Bengaluru)
((Manvi.Pant@thomsonreuters.com; +918447554364;))