Coromandel, UPL gain ahead of rival's IPO

Reuters Market Eye - UPL Ltd shares gain 7.6 percent, adding to Wednesday's rise of 5.6 percent.

Coromandel International is up 2.5 percent, adding to overall gains of 11.3 percent in the previous five sessions.

Investors cite attractive relative valuations ahead of IPO of a rival.

UPL trades 11.5 times of 12-month forward earnings, while Coromandel trades 14.5 times, as per Reuters data.

Sharda Cropchem's IPO to be priced later this month.

Based on the range provided, investors estimate Sharda could be priced around 13-14 times its 12-month forward earnings.

(Reporting by Abhishek Vishnoi)