Meanwhile, the S&P BSE Sensex was up 354.21 points, or 1.84%, to 19,648.33.
On BSE, 12.94 lakh shares were traded in the counter as against an average daily volume of 7.79 lakh shares in the past one quarter.
The stock hit a high of Rs 67.85 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 63.05 so far during the day. The stock had hit a 52-week low of Rs 27.30 on 4 March 2013.
The stock had underperformed the market over the past one month till 10 July 2013, surging 58.82% compared with the Sensex's 0.76% fall. The scrip had also outperformed the market in past one quarter, spurting 49.76% as against Sensex's 4.78% rise.
The small-cap company has an equity capital of Rs 118.52 crore. Face value per share is Rs 10.
Zuari Fertilisers and Chemicals bought 41.42 lakh shares, or 3.50% stake, in Mangalore Chemicals & Fertilizers (MCFL) at Rs 61.01 through a bulk deal on Wednesday, 10 July 2013, on NSE.
Earlier on 2 April 2013, Zuari Fertilisers and Chemicals had acquired 1.15 crore shares, 9.73% stake in MCFL. After two bulk deals, Zuari Fertilisers now holds 1.56 crore shares, or 13.22% stake in MCFL.
The move by Zuari Fertilisers to hike stake in MCFL comes a week after Deepak Fertilisers & Petrochemicals Corporation (DFPCL) acquired 2.89 crore shares, or 24.46% stake, in MCFL on 3 July 2013.
DFPCL acquired a 24.46% stake in MCFL for Rs 179 crore, becoming MCFL's largest shareholder. DFPCL, through its wholly-owned subsidiary SCM Soilfert, acquired shares in MCFL at an average price of Rs 61.75 per share through multiple block deals executed on the BSE on 3 July 2013.
After buying stake, DFPCL announced that given its considerable strengths in the fertiliser business, the investment is very strategic and a good fit with the company's business. DFPCL said it looks forward to working closely with MCFL to enhance long-term value for the shareholders of both companies.
As on 31 March 2013, Vijay Mallya's UB Group held 22% in MCFL.
Mangalore Chemicals & Fertilizers' net profit fell 21.6% to Rs 16.84 crore on 36% decline in net sales to Rs 649.80 crore in Q4 March 2013 over Q4 March 2012.
Mangalore Chemicals & Fertilizers makes wide range of products including urea, di-ammonium phosphate, muriate of potash, granulated fertilizers, micronutrients, soil conditioners and specialty fertilizers.
Powered by Capital Market - Live News