India's UPL gains after HSBC hikes price target on likely earnings revival

UPL

05/09/2024 10:13

** Shares of agro chemicals company UPL  UPLL.NS  rise 2.5%
to 623 rupees
    ** HSBC raises PT to 680 rupees from 635 rupees, reiterates
"buy" on what it calls one of its preferred stocks
    ** Expects an earnings revival in FY25 as strong monsoons
and higher crop sowing could catalyse seeds/pesticide
consumption in H2, supporting the sector
    ** Mean rating of 22 analysts tracking UPLL is equivalent of
"buy"; median PT is 585 rupees - LSEG data
    ** UPL shares up 5.7% in 2024 so far, underperforming the
broader mid-cap index's  .NIFMDCP100  29% rise

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))