Mangalore Chemicals & Fertilizers gains on restarting production

Mangalore Chemicals & Fertilizers was up 1.02% to Rs 39.45 at 09:41 IST on the BSE after the company announced that it has restarted Ammonia, Urea and ABC production.

The announcement was made after market hours yesterday, 12 June 2019.

Meanwhile, the S&P BSE Sensex was down by 121.82 points, or 0.31% to 39,634.99.

On the BSE, 5409 shares were traded in the counter so far compared with average daily volumes of 10,000 shares in the past two weeks. The stock had hit a high of Rs 40.10 and a low of Rs 39.05 so far during the day. It hit a 52-week high of Rs. 64 on 18 June 2018 and a 52-week low of Rs 27.85 on 19 February 2019.

Mangalore Chemicals & Fertilizers announced that due to non-availability of water, Ammonia, Urea and ABC production was stopped from 14 May 2019. In view of onset of monsoon and normalization of water supply, Ammonia, Urea and ABC production has commenced from 12 June 2019.

Mangalore Chemicals & Fertilizers had reported a net loss of Rs 5.95 crore in Q4 March 2019 over a net profit of Rs 20.30 crore in Q4 March 2018. The total income of the company rose by 0.5% to Rs 646.28 crore during the stated period.

Mangalore Chemicals & Fertilizers is a manufacturer of chemical fertilizers in the state of Karnataka. The main products are urea, di-ammonium phosphate (DAP), ammonium bi-carbonate (ABC) - food grade, sulphuric acid, speciality fertilizers and nutrient products consisting of water soluble fertilizers, micronutrients & soil conditioners and sulphonated naphthalene formaldehyde (SNF), an industrial product.

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