Best Agrolife rises 2 per cent after Resonance Opportunities Fund picks up stake
Jul. 29, 2020
UK-based Resonance Opportunities Fund has picked up a stake in BSE listed Best Agrolife, which was formerly named as Sahyog Multibase Limited. The fund has bought 112,000 shares at a market price of Rs 610.35. Best Agrolife, a manufacturer of agro-inputs, is a leading player in the agrochemicals sector.
Recently, Best AgroLife Ltd announced that they have been granted a licence for manufacturing of ‘DIRON, a super systematic insecticide with quick uptake and knock-down that controls a broad spectrum of previous and invasive pests. With two formulations, it is super flexible when it comes to application and helps in robust pest control management. This product is an import substitute for a similar Japanese insecticide.
Owing to the launch of this new product, the outlook for the company remains positive and may achieve a turnover of Rs 100 crore in the current fiscal. According to the company’s press release, Vimal Kumar, Director of Best Agrolife Ltd upholds the mission to remain focussed to deliver research-based customised agrochemical and biological tools for sustained productivity. He further added that the company strives to provide one-stop industrial solutions through quality and qualified professionals.
"Our company revenue for the current financial gear would increase by 100 crores only with the help of this product," he added.
In a short span company has emerged among the top 20 companies in India and as with an emerging presence in international markets.
Best Agrolife’s product portfolio comprises of more than 60 active ingredients and various formulations of pesticides and plant micro-nutrients for protecting and nourishing a wide range of crops. Its product range includes insecticides, herbicides, fungicides, plant growth regulators, etc. It sells under the brand name ‘Best’.
The company has four strategically located manufacturing plants, two in Uttar Pradesh and two in Jammu & Kashmir. These plants are well-equipped with state-of-art indigenous infrastructure for the production of high-quality agrochemicals.
The company caters to several large-cap companies which include UPL Ltd, Jubilant, Indo Gulf Fertilizers, Mahindra Summit Agriscience, Bharat Rasayan, etc. The boost to the agro sector by the current government will increase the demand for agrochemicals and insecticides. This will lead to an increase in the revenue and profitability of companies such as Best Agrolife Limited. According to a recent survey, the estimated size of the Indian agrochemical market is USD 3 billion, which is a positive sign for such companies.
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