Don’t miss out on the action in this smallcap agrochemical stock!

The stock of BESTAGRO has jumped nearly 7% on the bourses.

If there is one sector that has been booming despite the global headwinds and bad economic conditions, it has been the Indian agrochemicals and fertilisers sector. This sector has been witnessing strong export orders amid rising global demand for agrochemical products. One company that has benefitted the most from such a growth phase is Best Agrolife Ltd (NSE Code: BESTAGRO).

Best Agrolife is one of the strong growing Agrochemical Pesticide manufacturing companies in India. With a total market capitalisation of about Rs 4,100 crore, the company commits itself to provide top-notch crop protection products which include insecticides, Herbicides, plant growth regulators etc and food safety solutions to farmers.

During Monday’s trading session, the shares of BESTAGRO witnessed fresh buying interest and jumped nearly 7% supported by a huge spurt in volume. It has registered a breakout from its consolidation pattern with above-average volume. With this, it has marked a fresh all-time high of Rs 1,775 on the NSE.

Technically speaking, all the key moving averages of the stock are in an uptrend, and thus show a strong uptrend across all timeframes. The 14-day RSI (68.57) is in the bullish territory and shows strong strength in the stock The MACD is about to signal a bullish crossover. The OBV is at its peak and demonstrates strong trading activity. Overall, the stock is technically very strong and is likely to keep its momentum alive in upcoming trading sessions as well.

In its recent quarterly results, the company reported strong growth of over 115% YoY in its revenue which stood at Rs 700 crore while net profit rose 415% YoY to Rs 129 crore as against Rs 25 crore from the corresponding quarter in the previous year.

It is one of the strong growth stocks and one can include it in their watchlist to track its further progress!