Coromandel International is among the top give losers on the BSE, going down to an intraday low at Rs.886, down over 3%. Its 10% LC for the day is at Rs.822.55.
The market has booked profit and moved on from the stock after it reported its Q1FY22 earnings. This Murugappa company posted a 33% (YoY) rise in net profit at Rs.329 crore on a 14% increase in total income of Rs.3666 crore.
The nutrient and allied business contributed Rs.3,060 crore to the revenues, up 9% while crop protection business rose 49% at Rs.623 crore.
The company expects good demand from the ongoing kharif season as the monsoon’s are progressing well.
It also introduced six new generation products in crop protection business during the quarter.