Excel Crop Care jumps after GPCB withdraws closure notice

Excel Crop Care was up 3.55% to Rs 3075 at 13:56 IST on BSE after the company said that Gujarat Pollution Control Board has withdrawn closure order on Bhavnagar plant for three months.

The announcement was made during market hours today, 3 July 2019.

Meanwhile, S&P BSE Sensex was up 72.55 points or 0.18% at 39,889.01.

On BSE, 892 shares were traded in Excel Crop Care counter, compared to a 2-week average of 216 shares. The share price hit an intraday high of Rs 3,150 and an intraday low of Rs 2,970.4. It hit a 52-week high of Rs 4,800 on 2 August 2018 and a 52-week low of Rs 2,885 on 2 July 2019.

Gujarat Pollution Control Board (GPCB) had ordered closure of manufacturing operations of Excel Crop Care's Bhavnagar plant on 26 June 2019. The company submitted an action plan to GPCB for scientific disposal of waste and necessary remediation of the subject plot of land.

Based on the action plan submitted by the company, GPCB has withdrawn its closure order for three months. The company is in the process of complying with the other conditions laid down by GPCB in the withdrawal order.

Excel Crop Care reported net profit of Rs 4.73 crore in Q4 March 2019 as compared to net loss of Rs 0.52 crore in Q4 March 2018. Net sales rose 31.8% to Rs 273.23 crore in Q4 March 2019 over Q4 March 2018.

Excel Crop Care is engaged in manufacture and trading of pesticides.

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