BASF India rises on plan to launch new crop protection products

Date:09-24-2010

BASF India rose 2.28% to Rs 641.40 at 11:24 IST on reports the company will launch seven products in the crop protection segment over the next three years.

Meanwhile, the BSE Sensex was up 65.29 points, or 0.33%, to 19,926.30.

On BSE, 17,000 shares were traded in the counter. The stock hit a high of Rs 652.60 and a low of Rs 631.20 so far during the day.

According to reports, India is the worlds ninth-largest crop protection market which, between 2003 and 2008, grew to Rs 4,140 crore from Rs 2,104 crore. The crop protection business of BASF India includes plant growth regulators including chlormequat chloride. In the last six years, it has grown to Rs 512 crore from Rs 174 crore and, last year, contributed to around 35% of the companys revenue.

BASF Indias net profit rose 19% to Rs 48.86 crore on 72.7% increase in net sales to Rs 659.84 crore in Q1 June 2010 over Q1 June 2009.