 "Derive Trading buys 3.5% stake in Bhagiradha Chem; stock up 41% in 2 days")
Shares of Bhagiradha Chemicals & Industries (BCIL) rallied 17 per cent to Rs 262, also its new high on the BSE in Thursday’s intra-day trade. In the past two trading days, the stock of the company engaged in manufacturing of crop care chemicals has zoomed 41 per cent after Derive Trading And Resorts Private Limited acquired nearly 3.5 per cent stake in the company via open market.
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.
Derive Trading And Resorts Private Limited held 1.23 per cent stake in United Breweries as on March 31, 2024, the shareholding pattern 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.
India's agrochemicals market is projected to grow at an 8 per cent CAGR and reach $4.7 billion by FY25. India is a leading producer of agrochemicals and is considered the ideal location for export oriented agrochemical production.
The domestic agrochemicals industry makes a small contribution, but it has the potential to do more if government policies and assistance from the private sector enable India to become a global hub for agrochemical production on a global scale.
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As part of its regulatory framework for agrochemicals in the country, the Indian government is implementing guidelines, standards and laws for the use of drones to apply pesticides. Additionally, the Government has begun accelerating the registration of novel crop protection molecules in the nation and is creating the necessary frameworks.
The agrochemical industry has seen a consistent inflow of foreign capital, largely as a result of measures taken to promote the expansion of agriculture. Apart from assisting regional and small enterprises, it has given Indian businesses access to superior manufacturing facilities, BCIL said.