EID in green, Coromandel hits new high

EID Parry is looking pretty sweet today! The stock rose over 2.5% to Rs.360 levels and continues to trade around the same levels. And Coromandel International went on to hit a new high at Rs.558.60 and remains firmly in the green.

Both the stocks are up because EID has finally signed a term sheet to sell its bio-pesticides division with its R&D unit, along with its 100% subsidiary, Parry America Inc, through a slump sale to Coromandel International.

This deal was done at Rs.338 crore. This bio-pesticide unit makes neem based Azadirachtin technicals and formulations, plant extract based bio-stimulants and will mark Coromandel’s entry into this segment, with access to USA and Europe markets. And it will help EID Parry strengthen its balance sheet and focus on its core business effectively.