Reuters Market Eye - Shares in agrichemicals and pesticides firm UPL Ltd surge nearly 21 percent to 278.15 rupees, its highest level since its demerger from Uniphos Enterprises Ltd in January 2004.
The rally follows a 7.1 percent gain on Friday, when UPL reported January-March net profit surged 29.4 percent to 3.60 billion rupees ($59.4 million).
Standard Chartered on Saturday raised its target price on the stock to 330 rupees from 233 rupees, saying revenue was higher than expected, driven "by strong performance across the board."
The bank also estimates UPL's EBITDA margin of 20 percent was the highest in the past 12 quarters.
"UPL's management is focussed on improving margins, cash flow and RoEs and we believe this should lead to a re-rating of the stock over the next 12 months," Standard Chartered says.
($1 = 60.6550 rupees)
(Reporting by Dipika Lalwani)
