Antique upgrades India's UPL as macro situation improves; stock up

UPL

14/09/2023 07:56

** Shares of UPL Ltd  UPLL.NS  rise as much as 3.65% after
as Antique Stock Broking upgrades rating and PT for co
    ** Stock upgraded to 'buy' from 'hold' with revised PT of
780 rupees, an upside of 28% from Wednesday's close, from 650
rupees earlier
    ** Stock among top pct gainers on Nifty 50  .NSEI 
    ** Improving macro situation - stabilizing product price and
receding channel inventory, and correction in stock price by
~18% since March 2023 - Antique
    ** Broker says expects agrochemicals firm’s revenue and
EBITDA growth to rise in 2HFY24 as high channel inventory
situation improves as prices have stabilized since June 2023
    ** Also expects margin expansion YoY in 2HFY24 aided by
liquidation of high-cost inventory, lower RM prices, lower base
in 4QFY23
    ** Stock cuts YTD losses to ~12.2% from ~15.1% as of last
close

 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com))