UPL gains; rival Sharda Cropchem surges on debut

Reuters Market Eye - UPL Ltd gains 1.6 percent.

Gains come after rival Sharda Cropchem surges as much as 75.6 percent to 274 rupees from its IPO price of 156 rupees.

UPL trades at 11.7 times 12-month forward earnings, while traders estimate Sharda's IPO got priced at 13-14 times.

(Reporting by Abhishek Vishnoi)