UPL share price gains 3% after company reduces debt by $410 million

UPL | Company completed the pre-payment of $410 million of 3.25 percent Senior Notes due October 2021. This prepayment is in line with its commitment to reduce debt.

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UPL share price was up over 3 percent intraday on December 30 after the company completed the pre-payment of $410 million of 3.25 percent Senior Notes due October 2021.

The prepayment, which concluded on December 28, 2020, was done using the cash on its balance sheet, the company said. UPL was committed to deleveraging its balance sheet on the back of strong business prospects and agriculture commodity prices and favourable agronomic conditions, the company said.

The stock was trading at Rs 470.30, up Rs 15.55, or 3.42 percent. It has touched an intraday high of Rs 472.25 and an intraday low of Rs 461.20.

The stock witnessed a spurt in volume by more than 1.09 times and was trading with volumes of 400,574 shares, compared to its five-day average of 269,548 shares, an increase of 48.61 percent.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has been able to generate net cash—improving net cash flow for the last two years.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.