GSFC advances on pact with Congo for chemical complex

Gujarat State Fertilizers & Chemicals rose 3.83% to Rs 119.40 at 11:51 IST on BSE after the company executed an in-principle pact with Govt of Congo to evaluate the possibility of establishing a chemical complex.

The announcement was made after market hours yesterday, 19 April 2017.

Meanwhile, the S&P BSE Sensex was up 85.83 points or 0.29% at 29,422.40. The S&P BSE Mid-Cap index was up 105.36 points or 0.73% at 14,495.62.

On the BSE, 1.60 lakh shares were traded on the counter so far as against the average daily volumes of 2.75 lakh shares in the past one quarter. The stock had hit a high of Rs 120.50 and a low of Rs 118.40 so far during the day.

The stock had hit a record high of Rs 131.70 on 3 April 2017 and a 52-week low of Rs 67 on 3 August 2016. It had underperformed the market over the past one month till 19 April 2017, sliding 5.7% compared with the Sensex's 1.05% fall. The scrip had also underperformed the market over the past one quarter, declining 3.6% as against the Sensex's 7.43% rise.

The mid-cap company has equity capital of Rs 79.70 crore. Face value per share is Rs 2.

Gujarat State Fertilizers & Chemicals (GSFC) said it has executed an in principle agreement (in the form of Non-binding term sheet) with Govt of Republic of Congo (ROC) on 17 April 2017 to evaluate the possibility of establishing a Ammonia-Urea Complex at ROC to enhance the agriculture growth in ROC. It is expected that this project will act as a catalyst for ROC by reducing dependency on imported food for feeding the public of ROC, GSFC said.

Meanwhile, GSFC is one among the 16 stocks to be included in the futures & options (F&O) segment of the National Stock Exchange of India (NSE) with effect from 28 April 2017, as per the circular issued by the NSE yesterday, 19 April 2017.

GSFC's net profit fell 41% to Rs 61.17 crore on 30.8% decline in net sales to Rs 1102.70 crore in Q3 December 2016 over Q3 December 2015.

Gujarat State Fertilizers & Chemicals (GSFC) is engaged in the development of crop nutrition solutions. The company is also engaged in the business of trading pesticides, zinc sulfate, magnesium sulfate, among others.

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