growth story remains intact. We roll forward UPL valuation from Sep22 to FY23 with revised target price of Rs 659 (Previous Rs 601) but downgrade it to HOLD from Accumulate, due to recent run up in stock price. The resumption of depreciation of Brazilian Real against USD may pose challenge for UPL in the short term. Dhanuka Agritech (TP Rs 953) and Rallis (TP Rs 321) are top picks in our space. 6-8% consumption growth: On ground consumption has grown @ 6-8% driven by demand from South, East and Central India. For companies like PI, Dhanuka,...