India's Sharda Cropchem drops on curbs on US unit on patent infringement charges

Sharda Cropchem

29/08/2024 06:40

** Shares of Sharda Cropchem  SHCR.NS  lose 4% to 563.4
rupees 
    ** Drop after the U.S. unit of agrochemicals company
receives temporary restraining order from a U.S. District Court
from importing, selling, advertising, marketing or distributing,
select products
    ** FMC Corporation, an agricultural sciences company, had
filed the lawsuit 
    ** FMC alleges SHCR's unit infringes on U.S. patents
covering insecticide products containing bifenthrin and
zeta-cypermethrin
    ** North American Free Trade Agreement region, in which this
restraining order is imposed, accounts for ~37% of SHCR's
revenue in agrochemicals segment, as of June quarter
    ** Avg rating of analysts tracking SHCR is "buy"; median PT 
618.5 rupees - LSEG data
    ** SHCR up 25% in 2024 so far 

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))