Shares of recently listed Nova Agritech Ltd surged during the trading session on Wednesday after the company received recognition from the Government of India on Tuesday for its Telangana based research & development (R&D) unit. "We are pleased to inform that the Department of Scientific and Industrial Research (DSIR) of Government of India under Ministry of Science and Technology, New Delhi, has accorded prestigious recognition to in-house Research and development (R&D) unit of the company located at Siddipet District, Telangana, said Nova Agritech in the exchange filing. The letter dated February 22, 2024 was received by the company on Tuesday, February 27, 2024, it said. "The aforesaid recognition will entitle R&D unit of Nova Agritech to avail customs duty exemption in terms as amended from time to time," it added. Following the announcement, shares of Nova Agritech rose 8.35 per cent to Rs 73 on Wednesday. The stock had settled at Rs 67.37 in the previous trading session. The stock is up 78 per cent from its issue price of Rs 41 apiece. Shares of Nova Agritech were listed at the bourses on January 31, 2024, when the stock was listed at a premium of 36.6 per cent over the given issue price at Rs 56. The company raised about Rs 144 crore, which ran between January 23-25. Incorporated in May 2007, Nova AgriTech manufactures products that help farmers grow crops better. Hyderabad-based Nova AgriTech mainly focuses on three things- soil health, plant nutrition and crop protection. The products are manufactured using technology and are designed to be environmentally friendly and nutritious. The company has received a total of 629 product registrations. These registrations are divided into four categories, namely soil health management, plant nutrition, biopesticides and crop protection.
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