United Phosphorous spurted after the company announced purchase of the propanil herbicide business from Dow AgroSciences for $25 million. |
The scrip witnessed heavy volumes of 7.8 lakh shares, double the average daily volumes and settled at Rs 314.10, up 7.09 per cent. Being a global product, propanil has more than 100 registrations in 30 countries of North America, Latin America, Europe, Africa and the Asia-Pacific. |
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In 2005, revenues from the product stood at $18.9 million. This purchase will allow United Phosphorous and its subsidiaries around the world, to sell propanil and its formulations. |
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It will help to strengthen the company's position in the rice herbicide segment. Agrochemicals major, United Phosphorous has acquired six companies during this calender year. |
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