Dhanuka Agritech rose 3.9% to Rs 620 at 14:20 IST on BSE after the company said that District Industries Centre, Udhampur has approved substantial expansion of the company's Udhampur unit.
The announcement was made during trading hours today, 6 April 2016.Meanwhile, the S&P BSE Sensex was down 26.46 points or 0.11% at 24,857.13.
On BSE, so far 776 shares were traded in the counter as against average daily volume of 2,349 shares in the past two weeks. The stock hit a high of Rs 624.10 and a low of Rs 600 so far during the day. The stock had hit a 52-week high of Rs 699.95 on 23 July 2015. The stock had hit a 52-week low of Rs 411.05 on 9 November 2015. The stock had outperformed the market over the past one month till 5 April 2016, rising 7.51% compared with 0.96% gains in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 15.04% as against Sensex's 2.72% fall.
The mid-cap company has equity capital of Rs 10 crore. Face value per share is Rs 2.
Dhanuka Agritech further said that J&K State Pollution Control Board has given fresh grant of authorization for substantial expansion for handling hazardous waste for pesticide formulation and gave fresh consent to operate additional plant & machinery under substantial expansion. The approvals/consent are for expansion to produce additional quantity of 5900 metric tonne per annum of pesticides formulation in manufacturing unit of the company situated at SICOP Industrial Estate Battal Ballian Udhampur, Jammu & Kashmir.
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Total pesticides formulation capacity of Udhampur manufacturing unit of the company has now been doubled to 11800 metric tonne per annum after the expansion. With this grant/consent, the company will also be entitled to avail excise duty refund for a further period of ten years for the production from Udhampur unit of the company.
Dhanuka Agritech's net profit rose 2.5% to Rs 22.55 crore on 15% growth in net sales to Rs 205.83 crore in Q3 December 2015 over Q3 December 2014.
Dhanuka Agritech is engaged in the manufacture of various technical-grade pesticides which includes insecticides and weedicides.
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