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ā¢ ICICI Securities has recommended a hold rating on UPL with a target price of Rs 562.
ā¢ UPL reported a weak Q2FY24 due to channel destocking and pricing pressure, but its differentiated and sustainable product portfolio showed volume growth.
ā¢ Management expects a better H2FY24 and improved volume growth in Q4FY24, but has reduced its overall annual guidance. ICICI Securities has downgraded UPL to HOLD with a revised target price of INR 562.