PI Industries shares jump 4% today as Morgan Stanley upgrades stock, raises target price to Rs 5,000
Shares of PI Industries surged 3.74% on Monday, June 16, to Rs 4,121.10 after Morgan Stanley upgraded the stock to 'Overweight' and significantly raised its target price to Rs 5,000 per share, from the earlier Rs 3,524. The move reflects the brokerage's renewed optimism on India's chemicals sector.
The upgrade follows a fresh assessment under Morgan Stanley's 'India Chemicals' outlook, which also included a revised target price for Navin Fluorine to Rs 4,160 (from Rs 3,242) with an Equal Weight rating.
At the time of reporting, PI Industries' market cap stood at Rs 625.08 crore, with a price-to-earnings ratio of 37.66 and a dividend yield of 0.39%. The stock's year range has been between Rs 2,951.10 and Rs 4,804.05.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions.
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Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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