Resonance Opportunities Fund picks up stake in Best Agrolife Ltd
Jul 28, 2020
New Delhi [India] July 28 (ANI/NewsVoir): UK based Resonance Opportunities Fund recently picked up a stake of 112,000 shares at the market price of Rs 610.35 through open market buying in BSE listed Best Agrolife Ltd, which shows the confidence of the fund and will in-turn boost investor confidence in this fundamentally strong leading global player in agrochemicals sector and one of India's largest manufacturers of agro-inputs.
Recently, Best AgroLife Ltd. announced that for the first time in India, they have been granted license/registration for manufacturing DIRON (DINOTEFURAN 20 per cent SG), a super systematic insecticide with quick uptake and knock-down, that controls a broad spectrum of previous and invasive pests.
With two formulations, it is super flexible when it comes to application. With quick action through contact and ingestion, resulting in robust pest control management.
This product is an import substitute for a similar Japanese insecticide. Owing to the launch of this new product, the outlook for the company remains positive, thereby increasing the chances of higher revenue and profitability. The analysts also predict growth in the company.
Recently in an interview, Vimal Kumar, Director, upholds the mission to remain focused to deliver research-based customized agrochemical and biological tools for sustained productivity and the company strives to provide one-stop Industrial solutions through quality and qualified professionals.
"Our company revenue for the current financial gear would increase by 100 crores only with the help of this product," he added.
In a short span company has emerged among the top 20 companies in India and as with an emerging presence in international markets.
Best Agrolife's product portfolio comprises of more than 60 active ingredients and various formulations of pesticides and plant micro-nutrients for protecting and nourishing a wide range of crops. Its product range includes insecticides, herbicides, fungicides, plant growth regulators, etc. It sells under the brand name "Best".
The company has four strategically located manufacturing plants, two in Uttar Pradesh & two in J&K. These plants are well equipped with state-of-art indigenous infrastructure for the production of high-quality agrochemicals.
The company caters to several blue-chip corporates for P2P which include UPL Ltd, Jubilant, Indo Gulf Fertilizers, Mahindra Summit Agriscience, Bharat Rasayan, etc.
The boost to the agro sector by the current government will increase the demand for agrochemicals and insecticides. This will lead to an increase in revenues and profitability of Companies such as Best Agrolife Ltd.
According to a recent survey, the estimated size of the Indian agrochemical market is USD 3 billion, which is a positive for such companies.
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