UPL shares surged by more than 4% in early trading as HSBC maintained its ‘Buy’ rating on the stock, setting an updated price target of ₹680.
Key points from HSBC’s outlook include:
- Q2 Performance: UPL’s revenue beat estimates, driven by volume growth.
- Recovery on Track: HSBC sees recent stock corrections as an overreaction and expects further improvements in H2.
- Debt Reduction Initiatives: UPL’s rights issue and financial strategies aim to reduce debt, strengthening its balance sheet.
As of 9:30 am, UPL shares were trading 4.17% higher at Rs 536.65 on the NSE.
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