GSFC gains after re-starting plant

Gujarat State Fertilizers & Chemicals rose 1.55% to Rs 137.45 at 14:27 IST on BSE after the company announced that ammonia-IV plant is re-started after rectifying the problems.

The announcement was made after market hours yesterday, 1 August 2017.

Meanwhile, the S&P BSE Sensex was down 47.38 points or 0.15% at 32,527.79. The S&P BSE Mid-Cap index was down 57.44 points or 0.37% at 15,400.87.

On the BSE, 4.42 lakh shares were traded on the counter so far as against the average daily volumes of 3.18 lakh shares in the past one quarter. The stock had hit a high of Rs 141.20 and a low of Rs 136.05 so far during the day. The stock had hit a record high of Rs 148.40 on 10 May 2017 and a 52-week low of Rs 67 on 3 August 2016.

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

GSFC said that ammonia production is started (at 70% capacity) since 22.00 IST on 30 July 2017. Production levels of downstream plants are being increased which were affected due to ammonia availability, the company said. During stoppage of ammonia production, liquid ammonia was arranged to maximum possible extent through external supply, it said. Operation of urea-II plant shall also commence shortly, it added.

GSFC had said that it has made an emergency shut down of ammonia-IV plant on 6 July 2017 due to detection of leakage of high pressure process gas from hot header of reformer box. The urea-II plant has also been shut down due to non- availability of carbon dioxide gas which is by product of ammonia-IV plant, it had said.

GSFC's net profit rose 198.71% to Rs 187.02 crore on 9.31% decline in net sales to Rs 1541.84 crore in Q4 March 2017 over Q4 March 2016.

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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