Keeping in mind the recent uptick in the Indian market with the upcoming elections and the March quarter earnings in focus, brokerage house Anand Rathi has come out with 2 emerging picks with a time horizon of 30-90 days.
Rising agricultural incomes push UPL stock higher as well
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UPL plans a further cut and aims to achieve net debt to Ebitda levels of less than 2x during FY22.
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Robust sales growth in Latin America and India have driven the strong March quarter show of UPL Ltd, which manufactures and markets agrochemicals, industrial chemicals, chemical intermediates and specialty chemicals, and also offers crop protection solutions. Other geographies also contributed but India sales were strong, led by favourable crop conditions.
The growth in Latin America came on the back of a catch-up because of a delayed crop season in Brazil and helped the company offset the impact of unfavourable currency movements. Sales in Latin America grew as much as 40% year-on-year (y-o-y) in Q4. India sales growth remained robust at 23% y-o-y. Sales in Europe and the rest of the world supported well with 11-17% growth. Sales in the US, however, remained flat and growth was largely im