Mangalore Chemicals & Fertilisers gains after Zuari Agro hikes open offer size

Mangalore Chemicals & Fertilisers rose 2.95% to Rs 92.55 at 11:00 IST on BSE after Zuari Agro Chemicals increased voluntary open offer size to 36.56% from earlier 25.9% of voting share capital of Mangalore Chemicals.

Zuari Agro Chemicals made announcement during rading hours today, 31 December 2014.

Shares of Zuari Agro Chemicals rose 0.64%.

Meanwhile, the S&P BSE Sensex was up 75.82 points or 0.28% at 27,479.36.

On BSE, so far 2.21 lakh shares were traded in the counter as against average daily volume of 1.58 lakh shares in the past one quarter.

The stock hit a high of Rs 97.15 and a low of Rs 91.40 so far during the day. The stock hit a record high of Rs 104.65 on 8 October 2014. The stock hit a 52-week low of Rs 54.50 on 3 January 2014.

The stock had outperformed the market over the past one month till 30 December 2014, rising 10.17% compared with Sensex's 4.5% fall. The scrip had however underperformed the market in past one quarter, falling 8.08% as against Sensex's 2.9% rise.

The mid-cap fertilser manufacturer has equity capital of Rs 118.52 crore. Face value per share is Rs 10.

Zuari Agro Chemicals said that the Committee of the Board of Directors of the company, in its meeting held on 30 December 2014, has considered and passed resolution in respect of approving the company to act as a 'person acting in concert' (PAC) with Zuari Fertilisers and Chemicals, a wholly owned subsidiary of the company) (Acquirer) with respect to an upward revision in the offer size from 3.07 crore shares, representing 25.9% of the voting share capital made vide voluntary open offer dated 4 December 2014 to 4.33 crore shares, representing 36.56% of the voting share capital of Mangalore Chemicals & Fertilisers.

Mangalore Chemicals & Fertilisers' net profit rose 351.4% to Rs 42.57 crore on 2% decline in total income to Rs 1198.08 crore in Q2 September 2014 over Q2 September 2013.

Powered by Capital Market - Live News