Best Agrolife zooms 37% in 2 days after Ashish Kacholia buys 1% stake


Shares of Best Agrolife rallied 15 per cent to Rs 1,268.90 on the National Stock Exchange (NSE) in Thursday’s intra-day trade. The stock zoomed 37 per cent in the past two trading days after investor Ashish Rameshchandra Kacholia bought 1 per cent stake in the company via open market.

On Tuesday, August 30, 2022, Ashish Rameshchandra Kacholia purchased 318,000 equity shares, representing 1.3 per cent stake in Best Agrolife for Rs 30 crore on the NSE, the bulk deal data shows. Ashish Kacholia bought shares at Rs 940.88 per share, the exchange data shows.

At 10:34 am; Best Agrolife traded 12 per cent higher at Rs 1,238, as compared to 0.60 per cent decline in the Nifty 50. Earlier, the stock had hit a record high of Rs 1,400 on November 4, 2021.

A research-driven firm, Best Agrolife is one of the fastest-growing in India. It aims to provide modern, cost-effective, and eco-friendly crop-protection solutions across the globe. The company is known for manufacturing import substitutes of many active ingredients indigenously. Besides, BAL offers more than 70 formulations of insecticides, herbicides, fungicides, and PGRs from in-house backward integrated technical manufacturing.

In April-June quarter (Q1FY23), the company posted earnings before interest, taxes, depreciation, and amortization (ebitda) of Rs 65.9 crore, up 82.7 per cent year-on-year (YoY), as against Rs 36.06 crore in Q1FY22. Ebitda margin, too, improved 14.2 per cent from 10.5 per cent, in a year ago quarter. That apart, the company’s profit after tax jumped 53.5 per cent YoY to Rs 40.1 crore, on the back of 34.6 per cent YoY growth in revenue of Rs 463.7 crore.

During the last quarter, the company launched first-of-its-kind proprietary ternary insecticidal combination — Ronfen. It is a single-shot solution that controls all sucking pests in various crops like cotton, chilly, vegetables, and many other segments. The initial response has been good and the management expects a pick-up in the current quarter.

Along with Ronfen and Tombo, the company also launched AxeMan (Dinotefuran 15 per cent + Pymetrozine 45 per cent WG).

“With its dual mode of action, it helps protect the rice crop from the devastating pest BPH, which develops high resistance against all . AxeMan provides healthy and vibrant tillers at the reproductive stage and helps in long-duration control and resistance management of BPH in paddy,” the company said.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor


Source link

Comments are closed.