UPL tumbles after weak Q1 results

UPL was down 4.46% to Rs 568.95 at 13:16 IST on the BSE after consolidated net profit fell 65.1% to Rs 178 crore on 91.2% rise in net sales to Rs 7906 crore in Q1 June 2019 over Q1 June 2018.

The result was announced after market hours yesterday, 31 July 2019.

Meanwhile, the S&P BSE Sensex was down by 422.92 points or 1.13% to 37,058.83.

On the BSE, 5.57 lakh shares were traded in the counter so far compared with average daily volumes of 2.31 lakh shares in the past two weeks. The stock had hit a high of Rs 592.8 and a low of Rs 560 so far during the day. The stock hit a 52-week high of Rs 709.25 on 5 September 2018 and a 52-week low of Rs 388.33 on 8 October 2018.

The company announced that adjustments to the consideration for the acquisition of Arysta Lifesciences have been concluded between the parties. The additional consideration of $22 million (approximately RS 152 crore) has been accounted as goodwill in books of accounts.

UPL is a global generic crop protection, chemicals and seeds company. The company is engaged in the business of agrochemicals, industrial chemicals and chemical intermediates.

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