Natco Pharma rose 2.30% to Rs 920.45 after the company said it received approval for chlorantraniliprole (CTPR)-1st key product of crop health sciences division.
In a BSE filing made during market hours today, the company announced the approval of registration by the Central Insecticide Board & Registration Committee (CIB&RC) for indigenous manufacture of chlorantraniliprole (CTPR) Technical.
"NATCO would be the 1st indigenous manufacturer of this technical product, the company said in the filing.
CTPR technical is formulated into broad-spectrum insecticides used in several crops for better pest management. The active ingredient is used across products commercialised by FMC under its brands Coragen and Ferterra.
NATCO hopes to bring products based on CTPR shortly that would be affordable and accessible to farmers across India.
The sales generated from CTPR containing products in India, inclusive of third-party marketing companies, as per declaration given by FMC was estimated to be Rs 1540 crore in 2016.
The Hyderabad-based company believes the current market size to be over Rs 2000 crore. NATCO has a pending litigation against FMC for declaration of freedom to use of CTPR.
Natco Pharma manufactures a comprehensive range of branded and generic dosage forms, bulk actives and intermediates for both Indian as well as International markets.
The company reported 70.1% jump in consolidated net profit to Rs 202.40 crore on a 65.2% increase in net sales to Rs 802.20 crore in Q2 FY21 over Q2 FY20.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
