Rallis up over 2.5%
Rallis India is doing well today morning, up currently 2.5% at Rs.144.15. its intra day high point. Its 52-week high is at Rs.168.75. Market cap is at Rs.2802 crore.
The stock is up as this is now the sowing season and industry experts say that the domestic seeds industry is worth Rs.15,000 crore and is expected to grow by 15% per annum. Thanks to the good monsoon, sowing has taken off with a frenzy and as per the data put out by the agricultural ministry, as at 5th July, total crop sowing was 86% higher than last year.
Rallis sells hybrid rice and cotton seeds and it has good growth on the back of new product launches and its initiative, “Grow more pulses” has also helped push up slaes. The company is also planning to increase share of its non-pesticides business from the current 10% to 40% over the next few years.