This smallcap agro-chemical company zoomed over 6% today
The patent grant has fueled the rally.
Insecticides (India) Ltd, engaged in the business of pesticide and agro-chemical manufacturing, has been trending on Dalal Street as it has rallied by about 6% from its previous close of Rs 686.20. The share has been trading in the green territory today. The scrip opened at Rs 724.50 and made a day’s high of Rs 749.65 when the benchmark index like Sensex has rebounded today by 1%.
Such a bullish trend in the stock was seen on the back of the company being granted a patent for an invention called Novel Granules and its Pesticidal Compositions. According to its press release, the Patent Office of the Government of India has granted the patent for 20 years.
Talking about its recent quarterly results, in Q3FY22, revenue grew by 4.88% YoY to Rs 313.78 crore from Rs 299.17 crore in Q3FY21. On a sequential basis, the top-line was down by 29.32%. PBIDT (exclusive of other income) was reported at Rs 18.58 crore, up by 23.27% as compared to the year-ago period and the corresponding margin was reported at 5.92%, expanding by 88 basis points YoY. PAT was reported at Rs 8.15 crore, up by 35.91% from Rs 6 crore in the same quarter for the previous fiscal year. The PAT margin stood at 2.6% in Q3FY22 expanding from 2.01% in Q3FY21.
The company is engaged in the manufacturing activities of Agro Chemicals, Pesticides and Technical Products for agriculture purposes. The company caters to both domestic and international markets. The stock has a 52-week high of Rs 846 and a 52-week low of Rs 460.
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