Bayer Cropscience declines after temporarily discontinuing operations at Himatnagar Plant

Bayer Cropscience slipped 1.71% to Rs 4668.75 after the company informed about the temporary suspension of operations at its crop protection formulations plant located at Himatnagar , Gujarat.

The company suspended operations at the said plant post the issuance of Directions from Gujarat Pollution Control Board (GPCB) under Section 33-A of the Water (Prevention and Control of Pollution) Act 1974, post inspection by GPCB officials recording certain observations. The company has complied with all such observations and submitted its compliance report with a request to revoke the Directions.

The said temporary discontinuation of the operations will not impact continuity of business in the short term. No monetary penalty has been imposed, it added.

Bayer CropScience is engaged in the manufacturing of crop protection products like herbicides, insecticides, fungicides and seed treatment, non-agricultural pest-control, seeds and plant biotechnology.

The company's net profit rose 5.52% to Rs 162.60 crore on a 6.36% increase in sales to Rs 1451.90 crore in Q2 FY23 over Q2 FY22.

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