The shares of the Nifty 50 agrochemical stock, UPL Ltd opened higher at Rs 736.50 levels compared to its previous close of Rs 733.80 on Tuesday. It further gained 5 percent to reach an intraday high of Rs 766.95 levels.
In the past week, the stock has gained around 7 percent. This came after the Chief Operating Officer (CEO) of UPL ltd talked about reducing the borrowings of the company. The company’s stated goal is to reduce gross debt by $500 million by the end of FY23 and reduce net debt to $2.0 billion.
In addition to this, the quarterly numbers of the company showed growth as its total revenue increased by 21 percent YoY to be at Rs 13,679 Crore as compared to Rs 11,297 Crore.
This was led by continued firmness in product prices across regions, specifically for insecticide products, and tailwinds through strong agri-commodity prices and favourable exchange rates, the company said in its filing.
Their net profits in the period stood at Rs 1,326 Crore, up 14 percent from Rs 1,165 Crore Year on Year and 33 percent Quarter on Quarter from Rs 996 Crore.
UPL is the largest agrochemical company in India with a holistic product portfolio and presence in 138 countries. It is principally engaged in the business of agrochemicals, industrial chemicals, chemical intermediates, specialty chemicals, and the production and sale of field crops and vegetable seeds.
The company has a market capitalization of Rs 56,896 Crore and a dividend yield of 1.32%. As per the December shareholding pattern, the promoters have increased their stake in the company and now hold 30.74 percent. In addition to this, Foreign Institutional Investors hold a 37.18 percent stake.
Written by Anoushka Roy
Disclaimer
The content in this news article is not investment advice. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
