Shares of agrochemical company UPL fell 4 percent intraday on November 8 after steep fall in Q2FY20 profit, but global brokerage houses remained bullish on the stock and see 24-33 percent potential upside from current levels.It was in addition to 4.3 percent decline in previous session. It was quoting at Rs 567.00, down Rs 12.90, or 2.22 percent, on the BSE at 11:00 hours IST.While having overweight call on the stock with a target price of Rs 759 (implying 31 percent potential upside from current levels), Morgan Stanley said 15 percent volume growth and four days’ reduction in working capital were positive.Close As reported in first half of FY20, 40 percent of FY20 estimated EBITDA was largely in line with seasonality, but negative was 280 bps gross margin compression due to strong growth in Latin America, the brokerage added. related news VIP Clothing, Andhra Sugars share price up 5% on better Q2 numbers Thyrocare Technologies share price rises 8% on better Q2 show Eicher Motors, M&M share price gain 1-2% ahead of September quarter earnings The Latin America business registered a 24 percent growth YoY, Europe 1 percent and India 6 percent. But, the North America revenue declined 1 percent… Read full this story
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Global brokerages remain bullish on UPL despite 67% fall in profit; here is why have 263 words, post on www.moneycontrol.com at November 8, 2019. This is cached page on Business Breaking News. If you want remove this page, please contact us.