The Hindu Business Line : Excel Crop Care hits 52-week high

EXCEL Crop Care Ltd stock on Wednesday saw volume and price surge on major bourses on expectation that the company was in the process of establishing a business tie-up with Bufarm, the 10th largest crop protection company in the world and an international leader in herbicide.

The stock on Wednesday touched upper circuit filters and created a new 52-week high to finish at Rs 107, up 17.4 per cent, on the Bombay Stock Exchange.

On the National Stock Exchange also, the counter crossed its earlier 52-week high.

The proposal for 50 per cent dividend for 2003-04 fiscal was approved at today's AGM. The Mumbai-based Rs 300-crore company has three manufacturing plants in the country and has a subsidiary in Antwerp in Belgium, which serves the western market.

Analysts admitted it is not a very well researched counter, but, of late, it has attracted attention.

The company has reportedly embarked on a greater overseas market access plan. Currently, its exports provide 25 per cent of the turnover.

According to the management, to achieve increased overseas market penetration, Excel Crop Care has decided to "join hands with companies across the world, those that offer complementary skills, products and services".

Strengthening stewardship in promoting molecules and initial trust in countries that have crops climatic conditions and size of land holdings similar to India are part of the strategic move.

According to Mr Devarsh Vakil of Anagram Stockbroking, Excel Crop, which holds more than 140 product registrations and exports bulk and branded chemical to 45 countries, has developed clyphosate salt for the first time in the country. It has recently started output of aluminium and zinc phosphides also established leadership position in endosulfan, a glyphosate. It also has a nationwide multi-crop field extension network, which the company has planned to leverage commercially.