Shares of UPL rose more than 5 percent on Monday on robust December-quarter results and bullish brokerage views. The agrochemical maker reported a 77.54 percent year-on-year (YoY) rise in its net profit at Rs 838 crore in Q3 versus a net profit of Rs 472 crore in the same period last year.

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Revenue from operations increased 80.69 percent YoY to Rs 8,892 crore during the quarter under review.

Post its strong Q3 performance, global brokerages CLSA and HSBC retained a positive outlook on the stock.

HSBC has a 'buy' rating on the scrip with a target at Rs 680 per share. As per the brokerage, margins surprised as the Latin America segment drove growth for the company. It further added that progress on synergies and balance sheet deleveraging should be rewarded. HSBS also raised its EPS estimates for FY21-22 by 1-2 percent.

CLSA also believes valuations are attractive at current levels for the firm and raised its FY20-22 EPS estimates by 2-9 percent. It also added that the company was gaining market share in a tough environment.

The stock rose as much as 5.5 percent to Rs 573 per share on the BSE. At 10:50 am, the stock was trading 4 percent higher at Rs 565 per share as compared to a 0.8 percent or 320 points fall in BSE Sensex at 40,825.