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Buy United Phosphorous, target Rs 373: IIFL
IIFL has recommended a buy rating on United Phosphorous (UPL) with a 12 months target price of Rs 373. UPL managements upbeat commentary on outlook and strong revenue growth indicates a healthy demand environment for agricultural inputs.
IIFL has recommended a buy rating on United Phosphorous (UPL) with a 12 months target price of Rs 373 in its September 4, 2008 research report. "UPL management's upbeat commentary on outlook and strong revenue growth indicates a healthy demand environment for agricultural inputs. On the other hand, supply and cost pressures on raw materials remain an overhang on agro-chemical suppliers. We expect UPL to report better return ratios from FY09, as cost savings from Cerexagri restructuring begin to accrue. The company should also benefit from rupee depreciation, given its net exposure of 27% to forex earnings. UPL's cash position remains comfortable following the recent equity infusion, which should support near term acquisitions and organic investments, Buy," says IIFL's research report.
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