Share price of this mid-cap stock moved up by nearly 6.8 percent on BSE to hit an intraday high at Rs. 291.95 in the trading session of Tuesday, after the company announced signing multiple MOUs in a strategic move to expand its product range and strengthen its position in the agricultural sector.
With a market capitalisation of Rs. 364.45 crores, at 11:49 a.m. the shares of Aries Agro Limited were trading in the green at Rs. 279.35, up by 2.16 percent.
According to recent regulatory filings with the stock exchanges, Aries Agro Limited announced the signing of three Memorandums of Understanding (MOUs) with the leading Indian manufacturers of Plant Protection Products: Rallis India Ltd., Seedlings India Pvt Ltd (100% subsidiary of Best Agrolife Ltd), and Godrej Agrovet Limited.
This strategic collaboration with these leading manufacturers marks the official entry of Aries Agro into the co-marketing of patented molecules and will provide the farmers with instant access to this extensive network, increasing their presence for these patented molecules.
The MOU was signed during the grand 55th Emerald Jubilee Year celebration of Aries, which was hosted at the CIDCO Exhibition Centre in Vashi, Navi Mumbai, on April 19, 2024.
In terms of financials, the revenue from operations of this Indian Multinational Company grew by nearly 10.2 percent from Rs. 133.48 crore in Q3 FY22-23 to Rs. 147.15 crore in Q3 FY23-24, accompanied by an increase in the net profit by 59.2 percent from Rs. 4.83 crore to Rs. 7.69 crore during the same period.
As of March 2024, the Promoters’ holdings have remained unchanged at 52.66 percent. However, the Public holdings decreased by 0.92 percent from 44.96 percent in Q3 FY23-24 to 44.04 percent in Q4 FY23-24.
In the last one year, the company has delivered positive returns of about 57.7 percent and nearly 61.8 percent in the last six months. So far in 2024, it has given around 32.5 percent of positive returns.
Incorporated in Mumbai in 1969, Aries Agro Limited is presently involved in the business of manufacturing micronutrients and other nutritional products for both plants and animals.
The company provides a wide range of products in the primary, secondary and microfertilizer sectors, ranging from individual elements to mixed specialty plant nutrient fertilisers.
With its flagship product, Chelamin, India’s first ISI-marked chelated zinc, the Indian Multinational firm is also the first micronutrient fertiliser firm to receive the prestigious BIS Certification.
Written by Shivani Singh
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