UPL shares gain 11% on biz update, expectation of net debt reduction

The company said it expects its net debt to be at approx. $ 2.9 billion as of March 31, 2020 as compared to $4.2 billion as on December 31, 2019

Shares of UPL jumped 11 per cent to Rs 400 on the BSE on Thursday amid expectation of debt reduction of more than $1 billion during the January-March quarter (Q4FY20). The stock is trading in future & option (F&O) segment, which has no circuit limits.

The agrochemicals company said its net debt stood at approx. $2.9 billion as of March 31, 2020 as compared to $4.2 billion as on December 31, 2019. Net debt stood at $3.8 billion as of March 31, 2019, it said.

The same represents a reduction in net debt of approx. $900 million and