UPL rises 4%

UPL had some good news to share yesterday. It said that it had completed the pre-payment of US$410 mn of 3.25% Senior Notes, which was due October 2021.

The pre-payment, which concluded on 28th December 2020, was done using the cash on its balance sheet.

This prepayment is in line with its commitment to reduce debt.

UPL said that it is committed towards deleveraging its balance sheet at the back of strong business prospects and agriculture commodity prices, and favourable agronomic conditions.

This news helped push up the share price by 4% to an intraday high at Rs.472.35 and volumes jumped up over 2.5 times.