Nagarjuna Fertilizers locked 5% upper circuit on buyout report

There were pending buy orders for 7.46 million shares on the counter on BSE and NSE at 11:52 am.

Nagarjuna Fertilizers and Chemicals hit its upper circuit at Rs 12.84, up 5% on BSE on back of heavy volumes on reports that Coromandel International is in talks to buy the company.

The trading volumes on the counter more than doubled. A combined 381,465 shares changed hands and there were pending buy orders for 7.46 million shares on BSE and NSE at 11:52 am.

The stock of Coromandel International too trading 2% higher at Rs 322 after hitting high of Rs 330 on BSE in intra-day trade. Around 202,500 shares changed hands on both the exchanges.

The BSE said, the exchange has sought clarification from the Company on March 16, 2017, with reference to news appeared in Economic Times dated March 16, 2017. "Coromandel in Talks to Buy Nagarjuna Fert".

The reply is awaited.

The flagship company of the Nagarjuna Group, Nagarjuna Fertilizers and Chemicals is a leading manufacturer and supplier of plant nutrients in India.

The Murugappa Group, Coromandel International is the country’s second largest phosphatic fertilizer player, is in the business segments of fertilizers, specialty nutrients, crop protection and retail. The company manufactures a wide range of fertilizers and markets around 3.2 million tons making it a leader in its addressable markets.