> The shares of the agrochemical company rose about 9.7 percent to Rs 166 per share intraday.
> The company reported quarterly net profit at Rs 8.32 crore in the quarter ended June 30, up 7.22 percent from Rs 7.76 crore in the same quarter previous year.
Rallis India rose 7.77% to Rs 163.05 at 9:29 IST on BSE after the company's consolidated net profit rose 23.8% to Rs 67.76 crore on a 8.7% increase in net sales to Rs 623.24 crore in Q1 July 2019 over Q1 July 2018.
The announcement was made after trading hours, 18 July 2019. Meanwhile, S&P BSE Sensex was up 84.79 points or 0.22% at 38,982.25.
On BSE, 58,000 shares were traded in Rallis India counter, compared to a 2-week average of 18,000 shares. The share price hit an intraday high of Rs 165.60 and an intraday low of Rs 160. It hit a 52-week high of Rs 214.40 on 31 August 2018 and a 52-week low of Rs 139.10 on 15 May 2019.
Mr. Sanjiv Lal, the Managing Director and CEO of Rallis India, has informed that, "Although the monsoon was delayed and impacted sowings, revamped channel policies and improved price realisation yielded a satisfactory performance both in agrochemicals and seeds in the domestic market. There has also been strong growth in our international crop protection chemical business and this momentum is expected to continue. Our capacity expansion at Dahej is on track. Raw material availability and cost pressures were witnessed in Q1. Meanwhile, Rallis remains focused on navigating this scenario with enhanced focus on supply chain effectiveness and executing on its growth plans."
Rallis India has revamped its trade policy which has been accepted by its channel partners in the domestic market, both Crop Protection (CP) chemicals and seeds. The firm's international CP chemical business grew by 12%, chiefly driven by Acephate and Metribuzin. The firm is poised to launch two formulations in the domestic market. Rallis India has also completed the first stage capacity expansion of Metribuzin 500 MT in June 2019 with its commercial production underway.
Rallis India, a subsidiary of Tata Chemicals, is an agro-sciences company, with more than 160 years of experience of servicing rural markets with a comprehensive portfolio of products/solutions for Indian farmers.