The demand for critical crop care products remains strong and no major impact on the financials is seen despite the lockdowns, the company said. Reacting to the news, shares of the company surged nearly 17% to touch an intraday high of 379.35 rupees on the National Stock Exchange on Tuesday.
At 1209 IST, shares of the company were up 16.2% at 371 rupees on the NSE. The company said it does not anticipate any significant challenges meeting customer demand amid the current coronavirus crisis. UPL's crop protection and seeds businesses have been classified as 'essential commodity' in many countries, said Global Chief Operating Officer Diego Lopez Casanello.
To ensure supply, the company said it follows a multi-sourcing strategy for active ingredients and raw materials, allowing it to hedge supply risks. For raw materials and formulated products, it maintains safety stocks. The company also said its spray equipment is being used across major cities to sanitise common areas and it is working with personal protective equipment manufacturers for supply to local hospitals and municipalities.
