Mangalore Chemicals gains after recommencing operations of urea plant

Mangalore Chemicals & Fertilizers rose 1.07% to Rs 89.95 at 15:25 IST on BSE after company said that the operation of the company's urea plant has commenced from 7 January 2015.

The company made the announcement during market hours today, 7 January 2015.

Meanwhile, the BSE Sensex was down 98.53 points, or 0.37%, to 26,888.93.

On BSE, so far 65,023 shares were traded in the counter, compared with an average volume of 1.54 lakh shares in the past one quarter.

The stock hit a high of Rs 93 and a low of Rs 88.25 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 56 on 10 January 2014.

The stock of fertiliser company had outperformed the market over the past one month till 6 January 2015, falling 2.04% compared with 5.17% fall in the Sensex. The scrip had however underperformed the market in past one quarter, declining 12.1% as against Sensex's 1.58% rise.

On 1 October 2014, the company had intimated about shutting of operation of the company's urea plant from 1 October 2014 in view of the Govt. of India notifications, The production of high cost naptha based urea plants namely, SPIC, Tuticorn, MFL, Manali and MCFL, Mangalore was continued till 30 September 2014 under modified NPS-III till the gas availability and connectivity was provided to these units.

Meanwhile, with respect to news titled "Deepak Fertilizers sells 2.2% stake," Mangalore Chemicals & Fertilizers clarified that it has received disclosures from SCM Soilfert on 2 January 2015 pursuant to SEBI [Prohibition of Insider Trading] Regulations, 1992 and SEBI [SAST] Regulations, 2011, intimating sale of 28.06 lakh shares representing 2.2% voting share capital of the company.

Mangalore Chemicals & Fertilizers 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.

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