UPL jumps up over 17%

UPL is doing very well today morning, opening with a gain of almost 3% at Rs.334 and rising 17.5% to an intraday high at Rs.381.65. Its 20% UC for today is at Rs.389.90.

The company issued an update of its operations stating that all of its factories around the world remain in operation, following enhanced internal safety guidelines. To continue to ensure reliable supply, UPL follows a multi-sourcing strategy for active ingredients and raw materials, allowing it to hedge supply risks and stay nimble.

The Company also maintains strategic safety stocks to ensure availability of raw materials and formulated products and is working closely with local and national governments to ensure compliance with all situation-specific regulations, and at this time does not anticipate any significant challenges meeting customer demand.

The company said that its crop protection and seeds businesses have been classified as an ‘essential commodity’, at par with medical equipment, special protective clothing, medicines, and the food chain. It said that demand remains strong for its critical crop care input.

Some of the company’s manufacturing power has been redirected to produce sanitizer and disinfectants. Its spray equipments are also being used across major cities to sanitize common areas. UPL is also working with personal protective equipment (PPE) manufacturers to supply PPE to local hospitals and municipalities, that may be experiencing a shortage.