🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

UPL’s Roller Coaster Month Continues; Shares up on Debt Payment

Published 31-12-2020, 12:37 pm
© Reuters.

By Aditya Raghunath

Investing.com -- December has been a roller coaster month for agrochemicals company UPL Ltd (NS:UPLL) with share prices going all over the place. The stock was trading at Rs 492 on December 9 before it fell 15% to Rs 420 on December 10 on allegations of fraud by a company whistleblower. Investing.com had reported about it then. The stock ended the day at Rs 438.45.

UPL then gained traction to Rs 460 by December 18 before falling to Rs 437 on December 21. It seemed like the stock would be trading in a range until the end of the year but it has now gained over 6% in the last 10 days.

The shares of the company rose on December 30 after news emerged that it pre-paid debt worth $410 million (around Rs 3,000 crores) of 3.25% senior notes that were due on October 2021. The payment was made on December 28 using cash reserves on the balance sheet. The company said that it was committed to reducing debt on the back of strong business prospects and favorable agronomic conditions.

As of the end of the second quarter of FY 21, UPL had total debt worth Rs 31,800 crores. The company has made a strong statement by paring down debt just before the close of the third quarter of FY21.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.