Insecticides (India) doing well

Insecticides (India) is doing pretty well today. The stock is up over 5.5% at Rs.541 levels with an intra day high at Rs.548. The intra day low is at Rs.517.

The stock is reacting positively to the various “positive” reports coming in from various brokerage houses. Indian broker, Batlivala & Karani has initiated coverage on the stock with a "buy" rating and giving a target of Rs.700. Another domestic brokerage house, Motilal Oswal  also started coverage with a "buy" rating and a target of Rs.800. Currently, the stock has some five buy ratings from various brokerages, all domestic.

The company ended FY15 on a good note with a 37% rise in net profit on a 12% increase in net income. The products launched over the past two-three years, including Hakama, Pulsor, Xplode and Logo, have led the growth figures. The company expects growth to be even better this year.