UPL rose 3.32% to Rs 188.50 at 9:52 IST on BSE after the company said it has increased its stake in Brazilian firm UPL do Brasil to 73% from 51% earlier.
The company made the announcement after trading hours on Tuesday, 4 March 2014.
Meanwhile, the BSE Sensex was up 52.88 points, or 0.25%, to 21,262.61.
On BSE, so far 67,000 shares were traded in the counter, compared with an average volume of 2.32 lakh shares in the past one quarter.
The stock hit a high of Rs 189 and a low of Rs 184.60 so far during the day. The stock hit a 52-week high of Rs 218 on 20 January 2014. The stock hit a 52-week low of Rs 113.30 on 1 April 2013.
The stock had underperformed the market over the past one month till 4 March 2014, sliding 3.59% compared with the Sensex's 4.94% rise. The scrip had, however, outperformed the market in past one quarter, rising 12.73% as against Sensex's 2.42% rise.
The mid-cap company has an equity capital of Rs 88.52 crore. Face value per share is Rs 2.
UPL (formerly known as United Phosphorus) has increased its shareholding in Brazilian firm UPL do Brasil from 51% to 73% through its step down wholly-owned subsidiary, it said in a statement.
Remaining 27% stake is held by the existing shareholders. Financial details of the acquisition were not disclosed but UPL said the transaction involves fresh issue of shares.
UPL do Brasil is engaged in the production, marketing, distribution and selling of crop protection products and specialities in the Brazilian agro-chemical market. It has a formulation plant in Brazil and is undergoing expansion.
Earlier in 2011, UPL had acquired a 51% stake in UPL do Brasil, then known as DVA Agro Do Brasil, from Germany's DVA Group and other shareholders.
On a consolidated basis, UPL's net profit rose 28.1% to Rs 222.24 crore on 15.5% increase in net sales to Rs 2604.71 crore in Q3 December 2013 over Q3 December 2012.
UPL is a global generic crop protection, chemicals and seeds company.
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