Shares of India Pesticides Ltd. gained nearly 15% on Wednesday, September 16, after the company received approvals for their products in the United Kingdom and Argentina. The company, in an exchange filing on Tuesday, said that it received a technical equivalence approval for one of its insecticide products in the UK.
It added that it successfully obtained registration for one of its herbicide products in Argentina. According to the company, the regulatory approvals mark significant milestones for the firm's international growth journey and strengthens is presence in the global agrochemical market.
It added that the approvals are expected to support the company's export growth as well. On another note, in July this year, India Pesticides had received technical equivalence approval in the European Union for one of its fungicide products. At the end of the June quarter, promoters of India Pesticides had a 63.6% shareholding in the company.
Foreign Institutional Investors had a 2.52% stake, while domestic institutions do not have any significant shareholding in the company. Nearly 34% of the company is owned by public shareholders. Shares of India Pesticides gained 14.8% to hit an intraday high of ₹152.28 apiece on Wednesday.
The stock though has cooled off from the day's high but is holding to gains of around 6.2% at ₹140.9. The stock is trading close to its 52-week low of ₹125, and is still down nearly 20% so far this year.