Dharmaj Crop spurts on launching new product

Dharmaj Crop Guard jumped 6.74% to Rs 193.10 after the company said it has launched a new insecticide product 'Regiment' (Chlorantraniliprole 18.5% w/w SC) in the domestic market on 22 December 2022.

Dharmaj Crop Guard is an agrochemical company engaged in the business of manufacturing, distributing, and marketing of a wide range of agro chemical formulations such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilizers and antibiotic to the B2C and B2B customers. It is also engage in the marketing and distribution of agrochemical products under brands in-licensed by us, owned by us and through generic brands, to Indian farmers through our distribution network. The company provides crop protection solutions to the farmer to assist them to maximize productivity and profitability. The firm exports its products to more than 25 countries in Latin America, East African Countries, Middle East and Far East Asia.

The company reported net profit of Rs 18.36 crore and total income of Rs 220.94 crore in the four months ended July 2022.

The stock was listed on 8 December 2022 at a price of Rs 266, at a premium of 12.24% as compared to the issue price of Rs 237.

The initial public offer (IPO) of Dharmaj Crop Guard received bids for 28,43,58,360 shares as against 80,12,990 shares on offer. The issue was subscribed 35.49 times. The issue opened for bidding on 28 November 2022 and it closed on 30 November 2022. The price band of the IPO was fixed at Rs 216 to 237 per share.

As on 30 September 2022, the company's aggregate outstanding borrowing stood at Rs 55.53 crore.

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