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Best Agrolife Announces Launch of New Insecticide in July, Stock Surges Over 17%

20 June 20243 mins read by Angel One
The stock of Best Agrolife surged by 18% as the company announced that it is going to launch a new insecticide in the upcoming month of July.
Best Agrolife Announces Launch of New Insecticide in July, Stock Surges Over 17%
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Best Agrolife (formerly known as Sahyog Multibase Limited) [1] is a leading agrochemicals manufacturer in India and is among the top 15 agrochemicals companies in the country. It is one of the fastest-growing manufacturers of Technicals, Formulations, Intermediates, and Public Health products. Best Agrochem Private Limited was amalgamated with the Co. on April 20.

Best  Agrolife Received approval for Insecticide

Best Agrolife Ltd, a specialty agrochemical manufacturer, announced on Wednesday that it has received regulatory approval for Nemagen, a new patented insecticide formulation designed to combat resistant pests. The company plans to launch this innovative product in July.

According to a statement from the firm, Lepidopteran pests, such as borers, have significantly expanded their host range and developed resistance to current insecticides. This resistance has led to substantial crop losses, ranging from 30 to 50 percent. Nemagen aims to address these challenges, providing an effective solution for farmers struggling with these destructive pests.

Estimated Market Size

Best Agrolife Ltd estimates the market size for products targeting lepidopteran pests to be approximately Rs 6,300 crore. The company anticipates capturing an 8 percent market share, translating to Rs 500 crore in revenue within the first two years following the launch of its new insecticide, Nemagen. This product will be the latest addition to Best Agrolife’s portfolio of proprietary agrochemical products, which includes Warden Extra, Orisulam, and Tricolor. By introducing Nemagen, the company aims to leverage innovation to drive future revenue growth and strengthen its market position in the agrochemical sector.

Conclusion: Best Agrolife Ltd is poised to significantly impact the agrochemical market by addressing the growing issue of pest resistance. With this news, the stock of Best Agrolife Ltd. surged over 17% and made a high of Rs.720. The stock is currently trading at Rs.695 a piece up by 13.3% from its previous day’s closing price after pairing some of its gains. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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