Excel Crop Care hits upper circuit on Q2 results, CAT order

MUMBAI: Shares of Excel Crop Care were locked at 5 per cent upper circuit after Competition Appellate Tribunal lowered the penalty on the company by more than 90 per cent.

“The Competition Appellate Tribunal has pronounced an order on the company’s appeal challenging the penalty of Rs 63.90 crore imposed by the Competition Commission of India on it. The Tribunal has reduced the amount of the penalty to Rs 2.91 crore.

Meanwhile, the company reported a net profit 23.24 crore for the quarter ended September 2013 as against a net profit of Rs 7.59 crore in the corresponding quarter last fiscal.

Net sales increased to Rs 268.74 crore against Rs 206.11 crore in the same period a year ago.

At 10:00 a.m. the stock was at Rs 307.75, up 5 per cent, on the BSE. It touched a high of Rs 307.75 on thin volume of 1974 shares.