Mangalore Chemicals grows after recommencing operations of plants

Mangalore Chemicals and Fertilizers rose 4.03% to Rs 73.65 at 14:40 IST on BSE after the company said that it has recommenced operations of ammonia, urea and ammonia bi-carbonate plants after repair work.

The announcement was made during market hours today, 20 July 2017.

Meanwhile, the S&P BSE Sensex was down 71.55 points, or 0.22%, to 31,883.80. The S&P BSE Small-Cap index was up 24.23 points, or 0.15%, to 15,998.80.

On the BSE, 3,366 shares were traded in the counter so far, compared with average daily volume of 36,246 shares in the past one quarter. The stock had hit a high of Rs 73.70 and a low of Rs 70.80 so far during the day. The stock had hit a 52-week high of Rs 81.25 on 10 May 2017. The stock had hit a 52-week low of Rs 39 on 9 November 2016.

The stock had underperformed the market over the past one month till 19 July 2017, falling 6.78% compared with Sensex's 2.06% rise. The scrip had also underperformed the market in past one quarter, rising 7.44% as against Sensex's 8.93% rise. The scrip had, however, outperformed the market in past one year, gaining 36.02% as against Sensex's 15% rise.

The small-cap company has equity capital of Rs 118.52 crore. Face value per share is Rs 10.

Mangalore Chemicals and Fertilizers said that the plants commenced operations after carrying out refractory repair job in the primary reformer of the ammonia plant.

On 27 June 2017, the company had informed that it has shutdown the ammonia, urea and ABC plant for attending to ammonia plant primary reformer furnace refractory repair.

Mangalore Chemicals and Fertilizers reported net profit of Rs 4.69 crore in Q4 March 2017 compared with net loss of Rs 5.12 crore in Q4 March 2016. The company's net sales fell 32.4% to Rs 545.46 crore in Q4 March 2017 over Q4 March 2016.

Mangalore Chemicals and Fertilizers is the largest manufacturer of chemicals fertilizers in Karnataka. The company with its wide range of products that include urea, di-ammonium phosphate, muriate of potash, granulated fertilizers, micronutrients, soil conditioners and specialty fertilizers, touches and enriches the lives of farmers across Southern India.

Powered by Capital Market - Live News