The share price of India Pesticides climbed almost 10 percent on December 28 after Shalvis Specialities, a wholly owned subsidiary, received environmental clearance for setting up a manufacturing plant in Uttar Pradesh.
At 12pm, the stock was quoting at Rs 263.75 apiece, higher by 8.9 percent. This marked its biggest single-day gain since September 15. Trading volumes of 1.2 million shares were significantly higher than the 20-day average volume of 80,420.
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According to an exchange filing, Shalvis will set up a manufacturing plant of agrochemicals and intermediates, API ingredients and fine chemicals in Hamirpur district of Uttar Pradesh.
Set up in 1984, the company is engaged in the manufacturing of various types of pesticides (technical and formulations) and pharmaceutical intermediates.
"Our value-added services make us to be a strategic supplier for the US, Australia, Europe, Africa, South America and Asia," the company claims in its website.
In Q2FY23, the company's revenue registered a 38.8 percent year-on-year growth to Rs 253 crore. Its net profit, however, fell to Rs 38 crore from Rs 42 crore in Q2FY22.
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