Insecticides (India)

The government on Friday said it is planning to shut down the operation of state-owned Hindustan Insecticides Ltd's (HIL) two plants located in Kerala and Punjab due to losses incurred for the last several years. Minister of State for Chemicals and Fertilisers Bhagwanth Khuba, in his written reply to the Lok Sabha, said: "Yes Sir", when asked if the government proposes to close down the operation of Kerala and Punjab plants of HIL. He also said that the government is aware of the reports that the salaries of employees have not been disbursed for the last five months. To address this, the government has proposed the closure of the two units of HIL i.e Bathinda in Punjab and Udyogamandal in Kerala, he said. "Accordingly, a proposal seeking funds from the government has been made to cater to meet the expenditure arising on account of VRS/VSS and payment of balance dues of the employees of both units proposed for closure," he added. Khuba further said the two plants in Kerala and Punj

The Union budget to be presented by Finance Minister Nirmala Sitharaman on February 1 should look forward to allocating funds on research and development (R&D), said a top official of Insecticides India Limited.

For FY23, the management expects the top line to grow by a double digit, mainly driven by expansion of facilities, addition of new generation products and significant number of product registrations.

The board of directors of the agrochemicals company is scheduled to meet on March 30, to consider share buyback proposal.

Insecticides India Ltd on Friday reported a 33 per cent decline in its net profit at Rs 24.1 crore for the quarter ended June.

In Rajasthan, which has been worst hit, officials say 90,000 hectares in 20 districts have been affected; standing crop in 4,000 hectares in Sri Ganganagar, 100 hectares in Nagaur has been destroyed

The advisory comes in the backdrop of severe locust attacks being reported from many parts of the country, including Rajasthan, Madhya Pradesh, Gujarat, and Maharashtra

The listed agrochemicals firm will also invest Rs 100 crore in brownfield projects

It had clocked a top line of Rs 988 cr in FY16 against Rs 964 cr during the preceding financial year