Ace Investor This agrochemical stock owned by Dolly Khanna is witnessing a downtrend; here's why!

Ace Investor This agrochemical stock owned by Dolly Khanna is witnessing a downtrend; here's why!

Indian Market
by 5paisa Research Team Last Updated: 2022-08-19T12:07:18+05:30

 The company has a peer position in the generic crop protection chemicals industry. 

Sharda Cropchem Limited (SCL) is a crop protection chemical company engaged in the marketing and distribution of a wide range of formulations and active ingredients globally. It also procures and supplies belts, general chemicals, dyes & dye intermediates. It has made deep inroads in the highly developed European and US markets. It also has a significant presence in other regulated markets such as Latin America (LATAM) and the rest of the world (RoW). The company has an asset-light business model whereby, it works on identifying generic molecules, preparing dossiers, seeking registrations, marketing & distributing formulations through third-party distributors or its own sales force. 

As per the June quarter, investor Dolly Khanna has 1,081,526 shares on a 1.2% stake in the company which is less than the March quarter stake, which was 1,243,710 shares or 1.38%. The shares of the company which were hovering above Rs 700 in the month of May 2022, have significantly witnessed a downtrend and on 18 August 2022, the scrip ended at Rs 526.10, a decline of 25% in a span of 2 months. 

The reason behind the tumbling of the stock is the Q1FY23 results. 

On a consolidated basis, for the quarter under review, the net profit fell by 40.5% to Rs 22.64 crore but the sales rose by 32.4% to Rs 824.53 crore. The profit before tax stumbled by 73.5% to Rs 17.64 crore in the June quarter compared to Rs 66.47 reported in the same quarter the previous year. 

The stock is a component of the S&P BSE SmallCap index and has a 52-week high of Rs 767.70 and a 52-week low of Rs 287.75. 

On 19 August 2022, at 11:57 am the stock is down by 1.38% and the scrip is trading at Rs 518.85. 

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