The NSE Nifty index closed 35.75 points up at 18321.15

The NSE Nifty index closed 49.15 points up at 18315.1

Godrej Agrovet reported a 74% drop in its January-March quarter consolidated net profit. The company's profit after tax (PAT) for the quarter ended March 31, 2023, was INR 31 crore, down from INR 122 crore in Q4FY23. The total revenue from operations for the quarter was INR 2,095 crore versus INR 2,081 crore in the same period last year, up 0.67%. The stock has underperformed Nifty50, giving negative returns of 20% over the last one year. Godrej Agrovet stock was trading at INR 421.70 on the NSE.

The NSE Nifty index closed 1.55 points up at 18265.95

India-based chemicals and polymers firm, SRF, recorded a 7.3% fall in fourth-quarter profit, impacted by margin pressure from the polypropylene and polyethylene films used in its packaging film business. The cost of materials consumed increased 8.8%, while lower sales in its technical textiles segment, caused by weak demand, cut revenue by more than 13%. Slowing demand and macroeconomic headwinds are adding to rising raw materials costs and shrinking product prices as challenges for the chemicals sector. The chemicals segment accounts for more than half of SRF's overall business.

The brokerage maintains BUY with a revised Jun24 TP of INR 965 (vs. Mar24 TP of INR 1,000 earlier) on account of deleveraging and possibility of value unlocking in the specialty chemicals business.

UPL Corp CEO Mike Frank expects pricing pressure in the post-patent segment to persist in H1 2022 but believes the company is well-positioned to compete after taking actions to manage working capital and inventory. Despite a slight drop in Q4 performance due to oversupply and delayed sales, UPL Corp grew its top line by 16% and EBITDA growth by 10%. Going forward, the company will focus on transitioning its portfolio towards differentiated and sustainable products, including crop protection, seed, and specialty chemicals.

Kotak Mahindra AMC's CIO, Anshul Saigal, believes that the sugar industry is attractively poised due to rising prices and improved industry structure from the ethanol policy. However, the agrarian stocks like UPL, Rallis, and Tata Chemicals have consistently failed to deliver despite their potential. Saigal suggests splitting the sector into various buckets, such as agrochemicals, food-related sectors, and those that benefit from food price increases, and investing in the sectors that suit an investor's needs at a given time.

Revenues grew 4% YoY to Rs 16,569 crore. Profit hit by pricing pressure and delayed purchases by channel in the post-patent space

According to ShareKhan by BNP Paribas, UPL is likely to defy industry trends during Q4 and exhibit a better performance due to its global market exposure and the advantage of backward integration.

The NSE Nifty index closed 186.8 points down at 18069.0

The NSE Nifty index closed 165.95 points up at 18255.8

The NSE Nifty index closed 57.8 points down at 18089.85

As UPL operates in the same geographies and segments as Adama, a muted commentary coming from the global player triggered concerns of a similarly weak quarterly performance from the Indian firm

UPL, incorporated in the year 1985, is a Large Cap company (having a market cap of Rs 54768.09 Crore) operating in Pesticides/Agro Chemicals sector.

Stocks such as ONGC, Tata Steel, SBI Cards, UPL, HDFC Asset Management Company, and Tata Power, among others, are trading at more than 25% discount to their long-term average price to earnings (PE) ratio - a popular valuation measure. According to Bloomberg consensus estimates of analysts, many of these stocks could return over 20%.

The NSE Nifty index closed 129.0 points up at 17080.7

Breakdown of its rising trendline acting as a support zone. Likely to face pressure for target of 640.

“Options data suggests a broader trading range in between 16600 to 17300 zones while an immediate trading range in between 16700 to 17150 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

The NSE Nifty index closed 99.6 points down at 17844.6