India Pesticides gains on acquiring land parcel for a unit in Uttar Pradesh

The share touched a 52-week high of Rs 329.90 on September 23, 2022 and a 52-week low of Rs 197.50 on March 16, 2023

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India Pesticides share price rose a percent in the early trade on September 1 after the company announced receiving the allotment letter for a land parcel to set up a manufacturing unit in Uttar Pradesh.

The company had sought an 11,461.00 square meters parcel adjacent to its plant in Sandila in Hardoi for setting up a pesticide unit.

On August 31, the company received the allotment letter for the land from Uttar Pradesh from Uttar Pradesh Industrial Development Authority (UPSIDA). The cost of the acquisition is Rs 9.61 crore.

The acquisition would help in the capex plans for the expansion of the Sandila unit, the company said.

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The agrochemicals company’s net profit plunged 62.3 percent in its June quarter at Rs 15.5 crore and revenue fell 7.8 percent to Rs 201.40 crore.

At 9.30 am, India Pesticides was quoting at Rs 283.05 on the BSE, up Rs 3.80, or 1.36 percent from the previous close.

The share touched a 52-week high of Rs 329.90 on September 23, 2022 and a 52-week low of Rs 197.50 on March 16, 2023. It is trading 14.2 percent below its 52-week high and 43.32 percent above its 52-week low.