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

UPL

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.

News Source:- Investing.com

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