 "This Andhra Pradesh stock has zoomed 51% in 4 days; up 114% since June 5")
Shares Bhagiradha Chemicals & Industries (BCIL) hit a new high of Rs 399, as they surged 16 per cent on the BSE in Thursday’s intra-day trade amid heavy volumes on healthy business outlook. The stock of this Andhra Pradesh-based company, which is engaged in manufacturing of crop protection chemicals, has zoomed 51 per cent in the past four trading days.
At 02:23 pm; BCIL was trading 14 per cent higher at Rs 392.85, as compared to 0.06 per cent decline in the BSE Sensex. The average trading volumes at the counter jumped over four-fold. A combined 4.18 million shares representing 3.4 per cent of total equity of the company changed hands on the NSE and BSE.
Since June 5, the market price of the company has more-than-doubled or skyrocketed 114 per cent after Derive Trading and Resorts Private Limited acquired nearly 3.5 per cent stake in BCIL via open market deals.
On June 5, 2024, Derive Trading and Resorts Private Limited purchased 4.31 million equity shares representing nearly 3.5 per cent of total equity of BCIL for Rs 81.17 crore. Derive Trading bought the shares at price of Rs 188.49 per share via block deal on the BSE, the exchange data shows. Chetan Shantilal Shah sold his entire 4.31 million shares or 3.46 per cent in BCIL in open market via block deal, data shows.
Meanwhile, BCIL is engaged in manufacturing of agrochemicals like pesticide, insecticide, herbicide etc. The major products include Chlorpyriphos - Technical (Tech), Fluroxypyr - Tech, Triclopyr - Tech, Imidacloprid - Tech and Azoxystrobin - Tech. The company has been constantly expanding its product profile by adding new products to its ambit.
The demand for agrochemicals in the domestic market is expected to be robust with seasonal rainfall across India expected to be above normal and sowing acreage for key crops expected to increase.
With destocking of inventories in the previous year complete, demand is expected to set in for the second half of the financial year which should open up opportunities for exports. The company is strategically focusing on certain key products and chemistries for investment in backward integration based on market trends, export opportunities, import competition and domestic advantage. The company would be introducing at least 3 new generic products, going forward, BCIL said in its FY24 annual report.