Shares of pesticide maker Insecticides India today touched the all-time high of Rs 375.85 before closing over 1% higher on BSE on prospects of strong demand and rise in prices of pesticides.
The stock settled at Rs 369.35 on the Bombay Stock Exchange, a gain of 1.64% over the previous close.
According to stock analysts, rise in share price is due to a strong demand for pesticides in the market after an almost normal monsoon.
"There is an increasing demand for pesticides in the market and at the same time the input costs have increased due to rising prices of crude and minerals," Geojit BNP Paribas Head Research Alex Mathews said.
According to Insecticides India chairman and managing director Rajesh Agarwal, the company profit and sales in the past 3-4 months has risen, which has helped in increasing its market presence.
"Our plant in Udhampur is doing well and at the same time our recently acquired pesticide Monocil is also doing well, which has contributed to the image of the company," Agarwal said.
The company's pesticide plant in Dahej (Gujarat), that is currently doing formulations, is expected to start production in August this year and its capacity will be 10,000 tonnes, Agarwal added.
