AGARWALEYE

March 20 (Reuters) - ** Shares of Dr. Agarwal's Health Care DRAA.NS rise 7.5% to one-month high of 449 rupees

** Motilal Oswal Financial Services initiates coverage on stock with "buy" rating, PT of 510 rupees

** Co to outperform industry growth over the next five years amid latent demand for eye care, coupled with the firm's efforts to treat more patients at existing centers and add new centers, brokerage says

** Sees revenue and EBITDA growing at compounded annual rate of 23% and 21%, respectively, over FY25-FY27

** Higher penetration of insurance to drive an increase in patient volume, it says

** DRAA up nearly 12% after trading debut in early February

(Reporting by Vivek Kumar M)

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** Shares of recently listed Dr. Agarwal's Health Care DRAA.NS fall 2.8% to 411 rupees, its biggest one-day loss in a month

** Co says India's tax department has demanded payment of 427.4 million rupees ($4.92 million) from the health care co in taxes and penalties

** Co to take steps including filing an appeal against orders

** Stock up 2.2% since its listing on Feb. 4

($1 = 86.8325 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)

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