We recommended Sharda Cropchem in our report titled Sharda Cropchem: Asset-Light Agrochem Play in Sept'14 at the price of Rs. 156. Against popular opinion at that time, we further presented arguments on why we think Sharda Cropchem deserves better valuation than its peers like UPL in a report titled - Sharda Cropchem: Case for a higher valuation than UPL. Over the last 2 years, the stock has gone up from Rs. 156 to Rs. 359 giving returns of 130% supported by strong earnings growth.

We, however, think that the company now trades at reasonable valuations and would advice booking profit by Exiting from Sharda Cropchem at current levels of Rs. 359.

We will review the same at an appropriate time if it provides opportunity.

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