PI Industries Ltd shares fell 4.78% to a session low of Rs 2,081.40, against the previous close of Rs 2,186. The stock opened at Rs 2,081.40 and touched a high of Rs 2,140.50 during the session. The stock was also down 34.46% year-to-date.
"With forward earnings growth likely to lag peers in the near term, we think PI will continue underperform chemical peers that are better-positioned to leverage improved agchem sentiment," Morgan Stanley said.
The brokerage cut its price target on PI Industries to Rs 2,030 from Rs 3,883, reflecting its more cautious outlook on the company's earnings growth prospects. The revised target is below the stock's previous closing price of Rs 2,186.
Morgan Stanley said consensus estimates could still face downside risks, even as some volume respite was expected later in the year. It added that PI Industries could underperform chemical peers better positioned to benefit from an improvement in agrochemical sentiment.
About PI Industries Ltd
PI Industries Ltd, founded in 1946 and headquartered in Gurugram, Haryana, is an Indian agrochemicals and fine chemicals company. Its business spans agrochemicals and health sciences, including custom synthesis and manufacturing (CSM), domestic crop protection solutions and research and development partnerships with global companies.
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