Moneycontrol
Last Updated : Jan 12, 2016 11:05 AM IST | Source: Moneycontrol.com

BoA ML maintains buy on UPL, target Rs 553/sh; stock gains 2%

The generic crop protection, chemicals and seeds company launched a new herbicide Xerton in the UK market after getting approval in November 2015.

 
 
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Bank of America Merrill Lynch (BoA ML) has maintained buy rating on UPL with a target price of Rs 553 per share following company's new herbicide launch in the UK market. The stock gained as much as 1.7 percent intraday Tuesday.


The generic crop protection, chemicals and seeds company launched a new herbicide Xerton in the UK market after getting approval in November 2015.


With this launch of herbicide, the company will compete with Bayer, DuPont & Adama, says the brokerage.


Additionally, BoA ML expects merger of Advanta to be value accretive in long-term.


In November, board of directors of UPL and Advanta unanimously approved Advanta's merger with UPL. With this merger, the company will see cost saving of Rs 90 crore and will increase geographical reach & market penetration.

At 10:26 hours IST, the scrip of UPL was quoting at Rs 430.00, up Rs 4.60, or 1.08 percent on the BSE.

Posted by Sunil Shankar Matkar

First Published on Jan 12, 2016 11:05 am
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