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UPL stock in focus after promoter raises stake; global brokerage expects 30% upside

November 25
14:04 2021

Jefferies has maintained ‘buy’ call on the stock, with the target at Rs 945 a share

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UPL shares were in focus on November 25 after promoter Uniphos Enterprises acquired 1.37 lakh shares in the agrochemical company through open market transactions, increasing its shareholding to 5.17 percent from 5.15 percent.

“This is to inform you that we have bought 68,000 equity shares of UPL Limited on November 22, 2021 and 69,000 equity shares of UPL Limited on November 23, 2021, a total of 1,37,000 equity shares of UPL Limited, representing 0.0179 percent of the total shareholding in UPL Limited, Uniphos Enterprises said in an exchange filing.

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After the acquisition, its shareholding had gone up to 3,95,19,431 equity shares, representing 5.1724 percent of the total shareholding (calculations as per SCRR, 1957), the company said.

Global research firm Jefferies has a “buy” call on the stock with the target at Rs 945 a share, an upside of 30 percent from the current market price.

The research firm estimates UPL to clock sales/profit CAGR of 9 percent/ 25 percent over FY21-24 and estimates net debt-to-EBITDA for FY22 at 1.7x.

The brokerage firm views the company’s focus on margin-accretive solutions, robust pricing and new platforms as key catalysts.

The stock was trading at Rs 725.50, up Rs 3.80, or 0.53 percent, at 10.11 am. It has touched an intraday high of Rs 737.65 and an intraday low of Rs 722.40.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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