Bayer Cropscience spurts 17% in two days; hits record high

Bayer Cropscience jumped 4.63% to Rs 5220.85, rising for second straight session after reporting turnaround Q4 numbers.

May 27, 2020 01:05 IST capital market

The stock is up 17.33% in two trading sessions from its previous closing low of Rs 4449.65 on 22 May 2020. The counter hit a record high of Rs 5,245 on BSE during intraday trade today The stock has surged 23.68% in the past one month compared with a 2.23% decline in the Sensex.

Bayer Cropscience reported a net profit of Rs 31.50 crore in Q4 March 2020 as against a net loss of Rs 57.1 crore in Q4 March 2019. Net sales for quarter ending March 2020 stood at Rs 459 crore, up 82% from Rs 252.20 crore in the same period last year. The company reported pre-tax profit of Rs 25.7 crore in Q4 March 2020 as against a pre-tax loss of Rs 95 crore in Q4 March 2019. The result was announced after market hours on Friday, 22 May 2020.

Commenting on the Q4 results, D. Narain, CEO & managing director of Bayer CropScience, stated, A good monsoon in 2019 ensured sufficient water reserves for Rabi sowing. This coupled with stable commodity prices, favorable climate and strong portfolio performance in corn and horticulture, helped us achieve strong growth in Q4. However, Covid-19 developments in late March and the ensuing lockdown led to short-term disruption in consumption for crop protection products.

The board of directors have recommended a dividend payment of Rs 25 per equity share for the financial year ended 31 March 2020, subject to shareholders approval.

Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition.

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