Shares of India Pesticides were trading 4% above its previous close and reached an intra-day high of Rs 289.30 on 1 September after the company announced receiving an allotment letter for a land parcel in Uttar Pradesh.

The company has sought out an 11,461 square meters parcel adjacent to its plant in Sandila in Hardoi to set up a pesticide manufacturing unit.

On 31 August, the company received a letter of allotment from Uttar Pradesh Industrial Development Authority for the land.

The cost of the said land parcel is Rs 9.61 crore.

The acquisition will help the company in the expansion of the Sandila unit.

The share touched a 52-week high of Rs 329.90 and a 52-week low of Rs 197.50 on 23 September 2022 and 16 March 2023, respectively.

In its quarterly report for the April-June quarter, the company reported a steep decrease in net profit by 62.3% YoY at Rs 15.5 crore and a 7.8% YoY decrease in revenue from operations at Rs 201.40 crore.

At 12:42 pm, the shares of India Pesticides were trading at Rs 282.90 or 1.69% above its previous close on NSE.