Technical analyst SP Tulsian is bullish on United Phosphorous Limited and has maintained 'hold' rating on the stock to attain a target of Rs 150.

The stock of the bank, on March 17, closed at Rs 135.40 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 219.70 and a low of Rs 128 on BSE.

Current EPS & P/E ratio stood at 12.01 and 11.26 respectively.

United Phosphorus Limited (UPL) has declared that it has inked a deal in order to get hold of a 50% equity stake in Sipcam Isagro Brazil (SIB) from Isagro.

Sipcam Isagro Brazil is a 50:50 JV between Sipcam-Oxon group(Sipcam) and Isagro.

This equity stake sale to United Phosphorus Limited will lead to Isagro getting out of the JV deal whereas Sipcam will keep holding 50% together with UPL possessing 50%.

SIB based out of Uberaba, Minas Gerais in Brazil is a niche local producer and distributor in the Brazilian agrochemicals market. It has a formulation plant in Brazil with capabilities in various formulation types for crop protection products.

Mr. Jai Shroff, CEO, UPL stated, "We are very pleased to announce our well thought-through entry into Brazil, it is a ~ $7 billion market ranking amongst the top 5 largest crop protection markets in the world. "

"Given the high entry barriers this market enjoys coupled with UPL's limited presence locally, SIB represents a unique opportunity to kick start operations on a larger scale and that too with a reputed partner like Sipcam-Oxon group. Our joint development plan targets untapped and promising areas and addresses significant market opportunities," Mr. Shroff added.

This will be UPL's third acquirement during this fiscal accompanying the acquirement of the worldwide Mancozeb biz and the Brand Manzate from DuPont during June last year and RiceCo LLC, USA during December last year.