This Article is From Sep 04, 2014

Coromandel, UPL Gain Ahead of Rival's IPO

Coromandel, UPL Gain Ahead of Rival's IPO

UPL Ltd shares gained 7.6 per cent, adding to Wednesday's rise of 5.6 per cent. Coromandel International is up 2.5 per cent, adding to overall gains of 11.3 per cent in the previous five sessions.

Investors cite attractive relative valuations ahead of IPO of a rival.

UPL trades 11.5 times of 12-month forward earnings, while Coromandel trades 14.5 times, as per Reuters data.

Sharda Cropchem's IPO will be priced later this month.

Based on the range provided, investors estimate Sharda could be priced around 13-14 times its 12-month forward earnings.

Copyright: Thomson Reuters 2014