Buy UPL with a target of Rs 860: Citigroup

Citigroup has Buy call on UPL Ltd. with a target price of Rs 860 . The current market price of UPL Ltd. is 705.5 . Time period given by the brokerage firm is a year when UPL Ltd. price can reach defined target. The developed markets such as US & Europe remained weak as expected, but that got offset by strong growth in India & LatAm. A 23 per cent volume growth makes the September quarter as one of strongest quarters and volume growth was also well ahead of most peers, said the Citi note. The Seeds business grew by 23 per cent on a YoY basis in 2Q after a 10 per cent YoY decline in 1Q. The company has demonstrated the ability to deliver above industry growth and improved margins despite tough times.