Excel Crop Care gains after Competition Appellate Tribunal order

The stock was up 5% at Rs 308, has been more than doubled from Rs 150 on March 28, on BSE.

Excel Crop Care is locked in upper circuit of 5% at Rs 308 on BSE, after the Competition Appellate Tribunal has reduced the penalty by more than 90%, imposed by the Competition Commission of India. The Tribunal has reduced the amount of the penalty to Rs 2.92 crore from Rs 63.90 crore.

“The Competition Appellate Tribunal has pronounced an Order on the company’s appeal challenging the penalty of Rs 63.90 crore imposed by the Competition Commission of India on it,” Excel Crop said in a statement.

Meanwhile, the company engaged in agrochemical business has reported over three-fold jump in net profit at Rs 23.24 crore for the second quarter ended September 2013 (Q3) against Rs 7.60 crore in a year ago quarter.

The stock has been more than doubled in past seven months from its 52-week low of Rs 150 touched on March 28, 2013.