Karvy Stock Broking's report on Excel Crop Care
"Excel Crop Care’s performance is expected to be significantly impacted by the drop in Glyphosate prices. The same reason has led to a sharp 40% plus correction in the stock price. Sharp drop in Glyphosate prices are expected to get corrected in next few quarters. This along with upcoming capex in Gajod provide better growth visibility. We initiate a coverage on Excel Crop Care with a "BUY" recommendation and a target price of Rs. 1072 for an investment horizon of 9 to 12 months obtained by giving a PE multiple of 15 to FY16E EPS, giving an upside potential of 31%", says Karvy Stock Broking research report.
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