Bayer CropScience zooms on board nod for land sale
Bayer CropScience has zoomed 11% to Rs 892, after the board of directors of the company approved the proposal to sell the property of the company admeasuring 100 acres at Thane, near Mumbai, which was mainly used for manufacturing of Crop Protection products
Meanwhile, the company has posted 13% drop in net profit to Rs 49.69 crore for Q1FY11, as compared to Rs 57.15 crore during the same quarter of previous year. However, net sales grew 21% to Rs 694 crore (Rs 578 crore) during the quarter.
The stock opened at Rs 826 and hit high of Rs 896 on the BSE. The trading volumes on the counter increased almost four-folds, with 159,000 equity shares changing hands so far, as against an average 45,000 shares traded per day in past ten trading days.