Agro Chemicals Stock That Can Fetch Good Return, Dividend: Sharekhan Retains Buy Call

Board of leading Pesticides & Agro Chemicals sector stock, PI Industries Ltd declared interim dividend and fixed record date. The company fixed February 24, 2023 as the record date for interim dividend. Current market price of the large cap stock is Rs 3114.25 apiece. Sharekhan has assigned buy call to PI Industries with a target price of Rs 4200 and potential return of 35%. Check key details below:

1. PI Industries Approves Interim Dividend, Sets Record Date

According to the regulatory filing of the company, "We wish to inform you that the Board of Directors of the Company in its meeting today i.e. February 14, 2023 has declared an Interim Dividend at the rate of Rs. 4.5 per share (i.e. 450 %) on the Equity Shares of the Company carrying face value of Re.1/- each for the financial year 2022-23 and the same shall be paid on or before March 15, 2023."

2. PI Industries Stock Performance & Return

The current market price of PI Industries is Rs 3114.25 apiece with intraday gain of 2.62%. The stock's 52-week high is Rs 3698.50 apiece and 52-week low is Rs 2352.95 apiece, respectively.

The company has a market capitalisation of Rs 47,248.81 crore. The stock declined 8% in last 3-months, gave a return of 20% in last 1-year, and 102% in last 3-years. In last 5-years, the stock rallied 272%.

3. PI Industries Valuation

According to Sharekhan's report dated December 14, 2022, "we maintain a buy rating on PI Industries with an unchanged PT of Rs. 4,200. A potential acquisition in the pharma space would improve long-term earnings growth outlook and makes us constructive on the stock. At CMP, stock trades at 36.2x its FY2024E EPS and 31.7x its FY2025E EPS."

4. About PI Industries

It came into existence in 1947 in Udaipur, Rajasthan (India). It was named PI Industries Ltd in 1993 to reflect its new diversified businesses. It is engaged in the business of- Agri inputs, Fine Chemicals and (CRAMS) Contract Research and Manufacturing Services), Polymers and Engineering Services, etc.

Disclaimer

The stock has been picked from the brokerage report of Sharekhan. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.