Coromandel International climbs on introducing 10 new crop protection products
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Coromandel International is currently trading at Rs. 1257.75, up by 26.90 points or 2.19% from its previous closing of Rs. 1230.85 on the BSE.
The scrip opened at Rs. 1235.90 and has touched a high and low of Rs. 1272.20 and Rs. 1225.85 respectively. So far 13890 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1287.95 on 18-Dec-2023 and a 52 week low of Rs. 914.90 on 26-June-2023.
Last one week high and low of the scrip stood at Rs. 1272.20 and Rs. 1213.60 respectively. The current market cap of the company is Rs. 36926.09 crore.
The promoters holding in the company stood at 57.32%, while Institutions and Non-Institutions held 27.98% and 14.70% respectively.
Coromandel International has introduced 10 new products aimed at enhancing crop yield, controlling pest infestations, and fostering sustainable agricultural practices across the country. These include three patented products, an innovative neem coated bio plant and soil health promoter and five generic formulations providing high-impact comprehensive crop protection solutions for the Indian farmer.
The company has partnered with ISK Japan to launch Prachand, a patented product, which utilises advanced Japanese technology to safeguard paddy crops from destructive pests such as stem borers and leaf folders, mitigating potential yield losses of up to 70% to the farmer.
Another highly destructive pest that devastates corn crops (up to 30% damage every year) is the fall armyworm. The company has developed a very unique formulation to effectively combat this menace for the corn farmer. Two novel patented fungicides have been launched to improve crop health and yields: 1) For long lasting control of a widely occurring disease (fungal attack called sheath blight) in rice; and, 2) An innovative fungicide solution that offers both contact (Surface) and systemic action (absorbed by crop for long lasting control) for comprehensive disease control in potato, grapes, and tomato crops.
The company has also launched five new generics, which includes 3 herbicides. With these introductions, Coromandel's solution portfolio provides comprehensive crop protection solutions for various agricultural needs of the Indian farmer who is facing significant challenges controlling pest attacks.
In the last few years, the business has been strengthening its product portfolio by introducing new formulations and its share of sales from new products in FY23-24 stood at 15%. The new product introductions during the year would further enrich the product offerings from the company.
Coromandel International is amongst India's pioneers and leading Agri solutions provider, offering diverse products and services across the farming value chain.
