Best Agrolife stock soars by 37% in just 2 days

1 Sep 2022 , 11:27 AM

In intraday trading on Thursday, shares of Best Agrolife rose 15% to Rs 1,268.90 on the National Stock Exchange (NSE). After investor Ashish Rameshchandra Kacholia purchased a 1% share in the firm through the open market, the stock soared 37% during the previous two trading days.

According to the bulk deal data, on August 30, 2022, Ashish Rameshchandra Kacholia paid Rs 30 crore on the NSE for 318,000 equity shares, or 1.3% of Best Agrolife. According to exchange statistics, Ashish Kacholia purchased shares at a price of Rs940.88 per share. Best Agrolife traded 13% higher at Rs1,238 at 10:34 a.m. compared to a 0.60 % fall in the Nifty 50. On November 4, 2021, the stock had previously reached a record high of Rs1,400.

One of the fastest-growing agrochemical firms in India is Best Agrolife, a research-focused organization. It aspires to offer cutting-edge, economical, and environmentally responsible crop protection solutions all around the world. The business is renowned for producing domestically produced import equivalents of several active substances. Additionally, BAL provides over 70 formulations of fungicides, fungicide formulations, fungicide formulations, and PGRs through internal backward integrated technical manufacturing.

The firm reported profits before interest, taxes, depreciation, and amortization (EBITDA) of Rs65.9 crore for the April—June quarter (Q1FY23), an increase of 82.7 % year over year (YoY) from Rs36.06 crore in Q1FY22. Ebitda margin also increased from 10.5 to 14.2 % in the same period last year. Aside from that, the company’s profit after tax increased 53.5% YoY to Rs40.1 crore thanks to a sales increase of 34.6% YoY to Rs463.7 crore.

The business introduced Ronfen, a unique ternary insecticidal combination, during the previous quarter. It is a one-shot remedy that eliminates all sucking pests from a variety of crops, including cotton, chiles, vegetables, and many more. The management anticipates a pick-up in the current quarter because the first response has been positive.

The business also introduced AxeMan (Dinotefuran 15% + Pymetrozine 45% WG), in addition to Ronfen and Tombo. “Due to its dual mode of action, it aids in defending the rice crop against the destructive insect BPH, which has a high level of tolerance to all agrochemicals. AxeMan offers strong, robust tillers during the reproductive stage and aids in the resistance management and long-term control of BPH in paddy “The firm stated.

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