The shares of India Pesticides Limited opened at Rs 248.95 on Wednesday and gained as much as 10 percent till the afternoon to trade at Rs 264 levels. The shares surged after the government granted environmental clearance to the proposed project activity.
As per the BSE Filing, Shalvis Specialities Limited (“SSL”), a wholly-owned subsidiary of the company has received environmental clearance from the Ministry of Environment for setting up a Manufacturing Plant of “Agrochemicals & Intermediates, API Ingredients & Intermediates, and Fine Chemicals Manufacturing Unit” in Hamirpur, Uttar Pradesh.
In the past five days, the shares of the company gained approximately 10 percent. The stock reached its 52-week high of Rs 335.75 in January this year. Currently, it is trading at a discount of 17 percent from those levels.
India Pesticides Limited is engaged in the manufacturing of various types of pesticides (technical & formulations) and pharmaceutical intermediates. The company is the sole Indian manufacturer and among the top five manufacturers globally for several Technicals both in Fungicides and Herbicides.
The company’s total revenue in Q2FY23, grew up to Rs 250.66 Crore from Rs 178.47 Crore in the same period a year earlier. Their net profit in the period stood at Rs 37.22 Crore which declined from Rs 42.09 Crore in Q2FY22.
The small-cap company has a market capitalization of Rs 3,056 Crore. The promoters of the company hold a 67.2 percent stake with zero shares pledged. In addition to that, the company has low debt on its balance sheet with a debt-to-equity ratio of 0.02.
Written by Anoushka Roy
