The stock of agrochemicals maker UPL has come off from its 52-week high of Rs.828 in January to Rs.630 now and is down 16% in 2018. The decline accentuated after the company 4.95% topline growth in FY18 – the first single digit growth in five years. In the first quarter of FY19, net sales increased 7.35% (year-on-year) to Rs.41.34 billion, while net profit rose 5.54% to Rs.5.14 billion. However, driven by an 11% spike in raw material cost, total expenditure rose 7.14% during the quarter.
The adverse investor sentiment has seen the promoter step in to increase his holding. Promoter Rajnikant Shroff controlled