Shares of agro-chemical firm Sharda Cropchem rallied more than four percent on Wednesday, extending its gaining streak for the third straight day. The stock has gained more than 17 percent over the last three trading sessions.

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The stock had gained 11 percent on Tuesday, coupled with a huge increase in volumes. Volumes on Tuesday were 8.5 times higher than the average volume of shares that get traded for Sharda Cropchem.

47.55 lakh shares of the company were traded on Tuesday on the NSE, while on June 5, the figure stood at 2.4 lakh shares, 1.13 lakh shares on June 2, and 71,598 shares on June 1.

Since hitting a 52-week low of Rs 368.55 on November 1 last year, the stock has gained over 50 percent. Despite the recovery, the stock is still 34 percent away from its 52-week high of Rs 760. Following today's gain, the market capitalisation of Sharda Cropchem crossed the mark of Rs 5,000 crore.

Analysts believe that a key factor to watch out for the stock would be a delay in monsoon. The company has given a 15-20 percent growth guidance for financial year 2024.

Sharda Cropchem is involved in the marketing and distribution of several formulations and generic active ingredients globally.

CMD RV Bubna, in an interaction with CNBC-TV18 on May 15 said that the company's European business will drive revenue in financial year 2024, thereby increasing its contribution from 47 percent to 48-50 percent. The company also has capex worth Rs 400-450 crore lined up, along with 1,150 products that are in the pipeline.

Shares of Sharda Cropchem were trading 2.5 percent higher at Rs 570.15.