Insecticides India share price tanked as much as 17 per cent from its previous closing of Rs.516.50 to Rs.426.80 on the NSE today due to PM Narendra Modi’s announcement on 8thNovember of scrapping 500 and 1000 notes to filter the nation of black money. Agro-chemicals maker - Insecticides India's net profit rose by 59 per cent to Rs 28.68 cr for the quarter ending September, 2016 on higher sales. Its net profit stood at Rs 17.99 cr in the year-ago period, the company stated in a regulatory filing. Income from operations rose to Rs 467.50 cr in the second quarter (Q2) of this fiscal from Rs 369.99 cr in the corresponding period of the previous year.
The Delhi-based firm had posted a net profit of Rs 39.29 cr over a turnover of Rs 988.15 cr in the previous year. The board re-appointed Rajesh Aggarwal as MD - Managing Director for a period of 3 years with effect from 15th November, 2016.
When contacted by the media, Insecticides India's CFO Sandeep Aggarwal said that profits had increased in the second quarter (Q2) as monsoon had been fairly good. Moreover, he added that they had launched four new products this fiscal. He further said that they had prepared a strategy to concentrate on 20-22 products, which were relatively having better margins. The company's debt had fallen below Rs 200 cr as on September 30, 2016, Aggarwal concluded.
Meanwhile, Insecticides India share price was trading at Rs.478.75, down 7.3 per cent on the NSE. A total of 21755 shares traded on the NSE counter with a traded value of Rs. 102.52 lacs.
The lower price band of the share is Rs. 413.20 and the upper price band is Rs. 619.80. For more details, visit Insecticides India share price history. Here you shall come across the support and resistance levels of the scrip which would help you make wise investment.
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