Shares of PI Industries surged 3.74% on Monday, June 16, to Rs 4,121.10 after Morgan Stanley upgraded the stock to ‘Overweight’ and significantly raised its target price to Rs 5,000 per share, from the earlier Rs 3,524. The move reflects the brokerage’s renewed optimism on India’s chemicals sector.
The upgrade follows a fresh assessment under Morgan Stanley’s “India Chemicals” outlook, which also included a revised target price for Navin Fluorine to Rs 4,160 (from Rs 3,242) with an Equal Weight rating.
At the time of reporting, PI Industries’ market cap stood at Rs 625.08 crore, with a price-to-earnings ratio of 37.66 and a dividend yield of 0.39%. The stock’s year range has been between Rs 2,951.10 and Rs 4,804.05.
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