Nirman Agri Genetics shares on Wednesday hit a 52-week high after the company released its second quarter result. The stock made a 52-week high of Rs 255.55 on NSE.
Stock Market News: Nirman Agri Genetics shares on Wednesday hit a 52-week high after the company released its second-quarter result. The stock made a 52-week high of Rs 255.55 on NSE. Nirman Agri shares have delivered multibagger returns to its investors. The stock has moved northward by more than 400 per cent from its 52-week low of Rs 48.80 apiece on 19th April 2023.
Nirman Agri operates in the production, processing and marketing of high-quality hybrid seeds, pesticides, bio-organics and more.
The company in a filing said that its second-quarter revenue growth jumped 17.28 per cent. The total income in the quarter was reported at Rs 12,947.2 lakhs, indicating that it is effectively tapping into the growing demand in the agricultural sector.
The company logged a profit growth of 4,580.44 per cent. Its profit before tax showed a notable growth of 15.89 per cent, reaching Rs 2,332.6 lakhs.
Apart from this, Nirman Agri signed an agreement with Maulishri Seed Processing Producer Company Limited and New Renuka Hybrid Seed Processing Plant for seed processing.
The partnership, according to an official statement, is expected to enable the company to address increasing market demand, boosting both revenue and profit margins.
The company said that its MoU with Toshan Seeds Private Limited will allow room for further expansion and diversification bby adding a minimum of Rs 30 crores to the topline.