GSFC gains after plans to set up a petrochemical complex at Dahej

Gujarat State Fertilizers & Chemicals rose 1.26% to Rs 76.30 at 12:00 IST on BSE after the company said that it is contemplating to set up a petrochemical complex at Dahej with an estimated capital outlay between Rs 8000 to 10000 crore.

The announcement was made after market hours yesterday, 9 July 2015.

Meanwhile, the S&P BSE Sensex was up 10.72 points or 0.04% at 27,584.38.

On BSE, so far 1.34 lakh shares were traded in the counter as against average daily volume of 1.18 lakh shares in the past one quarter.

The mid-cap fertiliser company hit high of Rs 77.70 and a low of Rs 75.50 so far during the day. The stock hit a record high of Rs 124.50 on 3 November 2014. The stock hit a 52-week low of Rs 64.65 on 3 June 2015.

Gujarat State Fertilizers & Chemicals said the status of this complex at present is at the feasibility study/DPR as well as search/selection of technology suppliers. Though the intimation technically does not require to be given at this stage, however, the same is being made to insulate the company against regulatory disclosure requirements that might emerge on account of news item electronic as well as print which might be aired.

Gujarat State Fertilizers & Chemicals' net profit fell 51.9% to Rs 64.50 crore on 16% decline in total income to Rs 1317.34 crore in Q4 March 2015 over Q4 March 2014.

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