Best Agrolife up 18%

Best Agrolife announced today morning that its wholly owned subsidiary, Seedlings India Pvt Ltd has received licence for indigenous manufacture of Chlorantraniliprole 4.5%, Novaluron 11.5%, and Emamectin Benzoate 1.5% SE u/s 9(3) by Central Insecticides Board & Registration Committee.

This new blend supposedly offers exceptional control over a wide array of pests, particularly targeting lepidopteran pests such as shoot and fruit borers, and also proving effective against Coleoptera and Diptera pests.

The company will be launching this product under the brand name ‘Namagen'.

During the earnings call, the company was very optimistic about the months ahead. With the IMD predicting 10% rainfall, the company expects increased demand, estimating the season to be good.

Its agreement with Syngenta for making pyroxasulfone 85% WG herbicide branded as Movondo has a market value of Rs. 300 crore and company expects the product to drive robust growth. Its recent acquisition of 99% stake in Kashmir Chemicals enhances its manufacturing and it has also successfully completed the acquisition of Sudarshan Farm Chemicals, which will enhance its market presence and R&D portfolio.

The stock is currently the second top gainer on the BSE; on the back of volumes rising more than 7-times, it opened almost 2.5% higher at Rs.625.95 and rose to an intraday high at Rs.721, up 18%.