With sharp run up in stock price without material improvement in underlying earnings, we downgrade GOAGRO to SELL (from Buy). For BYRCS (Buy), DAGRI (Buy), RALI (Buy), SHCR (Accumulate) we are maintaining our rating (despite sharp run up in stock price) due to earnings upgrade risk in FY21 given robust demand outlook, hence we will review our rating post Q1 results. Maintain HOLD on SUMICHEM and BUY on INST & UPLL. We have put PI Ind UNDER REVIEW, awaiting further clarity on utilisation on QIP fund raising. Herbicide sales to see exponential growth in Punjab due to switch to Direct...