India Pesticides climbs 10% as arm receives clearance for setting up plant at UP

Shares of India Pesticides climbed 10 per cent in Wednesday's trade after the company's wholly-owned subsidiary Shalvis Specialities received environmental clearance for setting up manufacturing plant.

India Pesticides would be setting up an agrochemicals & Intermediates, API Ingredients & Intermediates and Fine Chemicals manufacturing unit' at Sumerpur, District Hamirpur, Uttar Pradesh, the company told stock exchanges.

Following the development, the scrip climbed 10.23 per cent to hit a high of Rs 267 on BSE. Against buy orders of 10,565 shares, the counter had sell orders of 12,507 shares at 9.54 am. A total of 41,000 shares changed hands on the counter against a two-week average of 6,559 shares.

In a brief filing to BSE, the company said: "We wish to inform you that our Wholly Owned Subsidiary i.e. Shalvis Specialities Limited (“SSL”) has received environmental clearance from Ministry of Environment, Forest and Climate Change (Impact Assessment Division) of Government of India for setting up Manufacturing Plant of "Agrochemicals & Intermediates, API Ingredients & Intermediates and Fine Chemicals Manufacturing Unit” at Plot No. TM-1, UPSIDC Industrial Area, Sumerpur, District Hamirpur, Uttar Pradesh-210502."

India Pesticides is engaged in chemical manufacturing. It offers both Technicals & Formulations in agro-chemicals and active pharma ingredients for pharma industry.

As per the company's website, it is the sole Indian manufacturer and among top five manufacturers globally for several Technicals both in Fungicides and Herbicides. It supplies its products to the US, Australia, Europe, Africa, South America and Asia, among others

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