Suggest to buy UPL on declines among chemical companies : Mayuresh Joshi

In a chat with ET Now, Mayuresh Joshi – Fund Manager, Angel Broking, shares his views on pesticides/chemical companies . Edited Excerpts:

ET Now: Do you like any of these pesticides/chemical companies?

Mayuresh Joshi: UPL is something that we were liking at lower levels. It has just exceeded our price estimates as I see it on your screens. The market offerings, specifically on the beaten side, the kind of generics that will probably come through will aid companies like UPL. A completely integrated model that UPL now has and again thought the fortunes are reliant on a lot of weather vagaries, however, the stock has performed exceedingly well over the past few quarters. So anybody holding out UPL at lower levels should continue to hold down. It is a qualitative company that one is holding on but at the current juncture I will not be suggesting fresh buying. I will wait for declines before having a buy into the counter.