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India Pesticides shares ended nearly 4% higher on Wednesday, after jumping as much as 15% during the day, as the company secured regulatory approvals for its products in the UK and Argentina.
The deets: the company received a technical equivalence approval for one of its insecticide products in the UK.
In simple words, UK regulators checked the insecticide and approved it as meeting their required standards.
The company also received registration for one of its herbicide products in Argentina, allowing the product to enter another international market.
Why it matters: agrochemical companies cannot simply start selling pesticides in a new country. Their products first need to clear local regulatory requirements. So, every new approval potentially opens another market for the company.
India Pesticides said the latest approvals strengthen its presence in the global agrochemical market and could help grow its export business.
While we are on approvals, in July, the company received technical equivalence approval in the European Union for one of its fungicide products.
So within a few months, the company has received approvals across Europe, the UK and Argentina for different products.
