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Deepak Fertilisers gains after getting pending subsidy payment

Capital Market 

and Petrochemicals Corporation rose 2.69% to Rs 273.35 at 12:09 on after the company said the Department of Fertilisers will release balance subsidy of Rs 310.52 crore on providing a guarantee of an equivalent amount.

The announcement was made after market hours yesterday, 15 June 2017.

Meanwhile, the S&P Sensex was up 25.67 points, or 0.08% to 31,101.40.

On the BSE, 18,000 shares were traded in the counter so far, compared with average daily volumes of 4.27 lakh shares in the past one quarter. The stock had hit a high of Rs 273.35 and a low of Rs 268.50 so far during the day. The stock hit a record high of Rs 293.40 on 21 April 2017. The stock hit a 52-week low of Rs 150.20 on 24 June 2016.

The stock had outperformed the market over the past one month till 15 June 2017, rising 3.92% compared with 1.36% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 0.17% as against Sensex's 4.81% rise. The scrip had outperformed the market in past one year, rising 68% as against Sensex's 17.15% rise.

The small-cap company has equity capital of Rs 88.20 crore. Face value per share is Rs 10.

and Petrochemicals Corporation (DFPCL) said that the Department of Fertilisers (DoF), Ministry of Chemicals and Fertilisers, Government of India, has decided to release the pending Rs 310.52 crore fertiliser subsidy on a guarantee of equivalent amount. DoF had withheld the subsidy pending decision on recovery of alleged undue gain on account of supply of 'cheap' gas.

and Petrochemicals Corporation (DFPCL) net profit surged 104.9% to Rs 46.62 crore on 4.7% decline in net sales to Rs 1050.50 crore in Q3 December 2016 over Q3 December 2015.

DFPCL has a multi-product portfolio spanning industrial chemicals, bulk and specialty fertilisers, farming diagnostics and solutions, technical ammonium nitrate, mining services and consulting and value added real estate.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, June 16 2017. 12:09 IST