India Pesticides Shares Rise After Subsidiary Receives Clearance For Facility
The unit, Shalvis Specialties, got environmental clearance to set up a manufacturing plant in Uttar Pradesh.
Shares of India Pesticides Ltd. gained the most in five months after its unit received environmental clearance to build a manufacturing plant.
The subsidiary, Shalvis Specialties Ltd., received clearance from the Ministry of Environment, Forestry, and Climate Change for establishing a manufacturing plant in Hamirpur, Uttar Pradesh, according to a stock exchange filing.
This facility will be dedicated to the development of agrochemicals and intermediates, active pharmaceutical ingredients and intermediates, and fine chemicals.
Shares of the company ended 8.84% higher compared with a flat close in the benchmark Nifty 50.
The scrip rose as much as 11.32% intraday, the most since July 27. Total traded volume was 23.6 times its 30-day average volume. The relative strength index stood at 56.
Out of the three analysts tracking the company, two maintain a 'buy' rating and one recommends a 'sell' on the stock, according to Bloomberg data. The average 12-month return potential implies an upside of 48.1%.
