SUMICHEM.NSE Sumitomo Chemical India Ltd.

Sumitomo Chemical India has executed definitive agreements for acquiring 85% equity shares and controlling stake (on fully diluted basis) in Barrix Agro Sciences, a Bangaluru based company engaged in the business of developing and providing to farmers pheromone traps and chromatic sheets. It is also engaged in the business of bio-products and micronutrients. The cost of acquisition is Rs 85 crore. The acquisition is in alignment to the companys strategy to build more sustainable portfolio of green chemistries and offer integrated pest management and integrated plant nutrition management products and solutions to farmers.

Sharekhan recommended Hold rating on Sumitomo Chemical India with a target price of Rs 430 in its research report dated August 02, 2023.