UPL shares hit 52-week high as Investec turns bullish, raises price target 

Shares of UPL Ltd surged over 5% to a fresh 52-week high in the afternoon session on Monday after global brokerage Investec upgraded its rating on the stock to 'buy' from the earlier 'sell' call. Investec also raised its price target to Rs 700 against the previous target of Rs 450.  

UPL shares rose up to 5.32% to Rs 636.45 against the previous close of Rs 604.30 on BSE. Market cap of the firm rose to Rs 54,607 crore. 

A total of 6.40 lakh shares of the firm changed hands, amounting to a turnover of Rs 40.19 cr on BSE. The stock fell to a 52-week low of Rs 429.63 on March 14, 2024 and hit a 52 week high of Rs 636.45 on Februray 3 2025. 

Investec expects the company to successfully trim its overall debt levels in FY25. UPL's net debt stood at Rs 27,531 crore as of September 2024. The brokerage also said that UPL will meet its guidance, supported by a recovery in global macro demand and a strong focus on operational efficiency.

The stock also got a boost from Budget 2025 where FM Nirmala Sitharaman outlined a mission to achieve self-reliance in pulses over the next six years, with a focus on tur, urad, and masur. "The government will undertake the Dhan Dhanya Yojana in partnership with states to enhance productivity, encourage crop diversification, improve post-harvest storage, strengthen irrigation, and provide both short- and long-term credit to benefit 1.7 crore farmers," she said in her budget speech on February 1.

In terms of technicals, the relative strength index (RSI) of UPL stands at 72.3, signaling it's trading neither in the overbought nor in the oversold zone. The stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.   

UPL in the business of manufacturing and sale of pesticides, insecticides and micronutrients.