UPL jumps on stake hike

UPL Ltd (formerly known as United Phosphorous) hit an intra day high today at Rs.189.40 and currently remains at the same levels. Volumes are up over one time.

The stock is up on statement issued by the company that it has increased its shareholding in Brazilian firm UPL do Brasil from 51% to 73% through its step down wholly-owned subsidiary. No financial details were divulged except for UPL stating that the stake was increased through issue of fresh shares by UPL. The balance 27% stake continues to be held by existing shareholders.

UPL do Brasil is engaged in the production, marketing, distribution and selling of crop protection products and specialities in the Brazilian agro-chemical market. It has a formulation plant in Brazil and is undergoing expansion.