UPL share price gains after Australian Court dismisses class action litigation against subsidiary

Stocks

UPL share price gained after The Supreme Court of Queensland in Australia has dismissed a class action litigation against Advanta Seeds Pty Ltd, UPL’s subsidiary in Australia.

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UPL share price gained close to 2 percent in the morning session on April 15 after the Supreme Court of Queensland, Australia, dismissed a class action litigation against Advanta Seeds Pty Ltd, UPL’s subsidiary in Australia.

The stock was trading at Rs 615.85, up Rs 11.40, or 1.89 percent at 09:29 hours. It has touched an intraday high of Rs 623.85 and an intraday low of Rs 607.30.

“We are pleased that the Supreme Court of Queensland in Australia has dismissed a class action litigation against Advanta Seeds Pty Ltd, Company‚Äôs subsidiary in Australia. This class action, funded by a UK based litigation funder, alleged that seeds sold by Advanta in 2010/2011 to certain growers in Queensland and News South Wales region of Australia, were contaminated,” the company said in a filing to the BSE.

Brokerage firm ICICIdirect has a buy UPL in range of Rs 625-635 with target at Rs 735 with stop loss at Rs 570. “Chemical stocks have been one of the best performers in the last one year but UPL has been an underperformer. UPL has seen a gradual build-up of open interest in the last couple of months with recent price performance. However, there is ample room for further increase in open interest,” it said.

“We expect long additions in the stock once it sustains above Rs 640 levels,” it added.

Research firm Sharekhan expects UPL to report net profit at Rs. 972 crore up 9.7 percent year-on-year (down 4.5 percent quarter-on-quarter). Net sales are expected to increase by 7.9 percent Y-o-Y (up 31.7 percent Q-o-Q) to Rs. 12,01.9 crore.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the company reported growth in quarterly net profit with increasing profit margin (YoY). It has zero promoter pledge with rising net cash flow and cash from operating activity.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.

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