UPL Ltd. became the top performer on the Nifty 50 after the agrochemical company pared its gross debt.

The company has completed the pre-payment of $410 million of 3.25% senior notes due October 2021 on Dec. 28. This was done using the cash on its balance sheet, and is in line with its commitment to reduce debt, according to an exchange filing that was released after market hours on Tuesday.

“UPL is committed towards deleveraging its balance sheet at the back of strong business prospects and agriculture commodity prices and favourable agronomic conditions,” the filing said.

The company, according to an earlier filing on the bourses, had announced redemption of these notes on Dec. 1, 2020, in light of the “strong performance in the first half and business prospects of the second half”.

An investor presentation released on Oct. 30 showed that UPL had a gross debt of Rs 31,817 crore.

Shares of UPL gained as much as 3.9% in early trade on Wednesday to Rs 472.4 apiece. The stock is up for the third straight day. Of the 35 analysts tracking the company, 32 have a ‘buy’ rating, two suggest a ‘hold’ and one recommends a ‘sell’. The average of Bloomberg consensus 12-month target prices implies an upside of 26.4%.

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