Stock Report

Coromandel International continues to invest in AgTech companies

Posted On : 2022-12-05 18:47:35( TIMEZONE : IST )

Coromandel International continues to invest in AgTech companies

Coromandel International Limited (BSE:506395, NSE: COROMANDEL), India's leading agri solutions company offering diverse products and services across the farming value chain and part of Murugappa Group continues its focus on technology adoption in agriculture and has been conducting drone trials in various locations. Coromandel has made strategic investments in technology-led agriculture and is looking forward to use AgTech to support farmers in increasing farmer's productivity through adoption of precision agriculture. The company also recently invested INR 200 million into a differentiated drone startup, Dhaksha Unmanned Systems Private Limited. The investment was made through Coromandel's venture capital arm, Dare Ventures.

Government of India has been encouraging the use of drone technology for agriculture applications like liquid / nano fertilisers and crop protection chemicals. In December 2021, the Government had released SOPs (Standard Operating Procedures) for drone regulation for pesticide application. These covered important aspects like statutory provisions, flying permissions, area distance restrictions, weight classification, overcrowded areas restriction, drone registration, safety insurance, piloting certification, operation plan, air flight zones and weather conditions.

Speaking on the investments, Mr. Arun Alagappan, Executive Vice Chairman, Coromandel International Limited said, "As part of Coromandel's technology focus, we are closely partnering with the Startup ecosystem and strengthening our presence in the Agtech space. Our investment in Daksha reflects this endeavour and gives us a strong position in the Unmanned Aerial Systems (UAS) technology solutions area. With focus on resource use efficiency, the drone adoption in agriculture holds significant potential to improve agri inputs effectiveness, reduce water usage, boost farm mechanization and drive precision agriculture practices. There has also been good support from the Government to improve its adoption in Agriculture in terms of policy and regulatory support. At Coromandel, we will continue to promote such technologies that can drive productivity gains and sustainable agricultural practices in the Indian farms".

Shares of Coromandel International Limited was last trading in BSE at Rs. 921.40 as compared to the previous close of Rs. 913.60. The total number of shares traded during the day was 9489 in over 763 trades.

The stock hit an intraday high of Rs. 924.00 and intraday low of 910.85. The net turnover during the day was Rs. 8690750.00.

Source : Equity Bulls


CoromandelInternational INE169A01031 AgTech Investment Farmers