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Shares of Best Agrolife Soars as Subsidiary Secures Domestic Herbicide Production License

25 June 20243 mins read by Angel One
Best Agrolife's subsidiary securing this license signifies a strategic move towards import substitution and potentially improving India's agricultural standing.
Shares of Best Agrolife Soars as Subsidiary Secures Domestic Herbicide Production License
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Best Agrolife Limited announced a positive development for its subsidiary, Best Crop Science Private Limited. The subsidiary has secured a license from the Central Insecticides Board & Registration Committee (CIBRC) for indigenous manufacturing of Haloxyfop-R-methyl ester technical (96% w/w min). This herbicide holds significant importance in the agricultural sector.

Haloxyfop-R-methyl ester is a post-emergence herbicide, meaning it targets weeds that have already emerged from the soil. It effectively controls both annual and perennial grasses, posing a threat to various crops. This license empowers Best Crop Science to manufacture the herbicide domestically, potentially leading to several benefits.

Firstly, domestic production can bring about cost-efficiency compared to relying solely on imports. This could translate to more competitive pricing for farmers. Additionally, local manufacturing strengthens India’s self-sufficiency in crucial agricultural products. Furthermore, Haloxyfop-R-methyl ester finds application in a wide range of crops, including soybeans, groundnuts, and pulses. Increased domestic availability could benefit farmers cultivating these crops and potentially boost overall agricultural productivity.

Share Price Movement

Best Agrolife’s stock price surged by 5.7% today, currently trading at Rs 699.65. This jump follows the news that the company’s subsidiary secured a license for domestic herbicide production. The stock is currently trading near its 52-week high of Rs 1,374.00, indicating strong investor interest. There’s still room for growth within the upper price band of Rs 794.25, suggesting the market’s optimism about this development. It’s worth noting that the surge comes despite a flattish volume growth of 0.4% compared to last year’s high base. This could be due to investors focusing more on the long-term potential created by the new production license.

About Company

Best Agrolife , formerly known as Sahyog Multibase Limited, is a public limited company in India that specializes in the agrochemical industry. Established in 1992, the company aims to provide high-quality, innovative, and effective crop-protection and food safety solutions to farmers and the global agriculture sector. Best Agrolife Limited offers a wide range of products, including technicals, intermediates, and novel formulations in insecticides, herbicides, fungicides, plant-growth regulators, and public health products. The company’s products are well-researched, economically priced, and easily accessible in many countries across the globe and Pan-India. The company’s registered office is located in New Delhi. The company’s products are well-researched and easily accessible in many countries across the globe.

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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