Insecticides India is in the news today; opening over 5.5% higher at Rs.724.50 and rising to an intraday high at Rs.749.65, up 9.5%. Its 52-week high is at Rs.846.
The stock price rose after the company informed that the Govt of India granted the patent for its invention - Novel Granules and its Pesticidal Compositions. This patent is valid for 20 years.
The company had submitted the request for the latent in July 2019.
This new product provides a zeolite based granular pesticidal composition which is capable of efficiently retaining various pesticides and also capable of moderately releasing said pesticides after mixing with soil to be treated.
Last week, the company announced the launch of three new crop protection products for paddy, vegetables and maize, and hoped better sales amid the projection of normal monsoon this year.
The new products include 'Shinwa', an insecticide for vegetables; 'Izuki', a fungicide for paddy and 'Torry', a herbicide for maize crop. The production of these products will be undertaken at its facilities at Chopanki in Rajasthan and Dahej in Gujarat where currently, a brownfield expansion with an investment of Rs 300 crore is being implemented and is expected to go online in current Q1FY23.