Heranba Industries surges 5% on bagging 7 CIB registrations in May

“These registrations are part of our strategy to launch seven new products out of Sarigam technical and formulation plant,” said Heranba Industries.

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Shares of Heranba Industries surged 5 percent on June 16 as the company secured seven Central Insecticide Board registrations in May 2023.

“These registrations are part of our strategy to launch seven new products out of Sarigam technical and formulation plant. These products would be launched in both technical and formulations segments,” said Ajit Gujral, Head – Strategic Development for Crop Protection Business, Heranba Industries.

At 10:07 am, the stock was quoting at Rs 404.90, up 3.05 percent, on the BSE. The scrip was trading with volumes of 11,125 shares so far today as compared with its five day average of 42,984 shares, implying a decline of 74 percent.

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The company has spent Rs 41 crore on capex at their Sarigam facility during the first half of FY23 and will be spending additional Rs 100 crore in the second half of FY23. The commercial production of technical grade pesticides and intermediates from Sarigam facility is likely to commence from Q1 of FY24 which is seen adding meaningful contribution to the company’s overall revenues.

The management expects domestic agrochemical industry to do well in the second half of FY23 due to residual moisture owning to late withdrawal of the southwest monsoon, higher reservoir levels and a rise in minimum selling price of Rabi crops for the upcoming 2023-24 marketing season.

The agrochemical company manufacturers Synthetic Pyrethroids and its intermediates in India. It has four manufacturing facilities across India and a wide network of businesses in India as well as across the globe.

Recently, the Gujarat Pollution Control Board revoked its closure order for the company’s facilities in Vapi.

Some analysts are positive on Heranba Industries, as the company has diverse product range, strong margins, strong balance sheet, capacity expansion and further opportunities from off patent products in highly regulated markets.

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