MCF gains after resumption of urea production

Mangalore Chemicals & Fertilizers surged 14.19% to Rs 52.70 at 12:14 IST on BSE after the company said it has resumed urea production from 5 June 2016 in view of pre-monsoon rain resulting in sufficient inflow in the Thumbe reservoir.

The announcement was made after market hours yesterday, 6 June 2016.

Meanwhile, the S&P BSE Sensex was up 131.01 points or 0.49% at 26,908.46.

On BSE, so far 52,000 shares were traded in the counter as against average daily volume of 4,474 shares in the past two weeks. The stock hit a high of Rs 54.45 and a low of Rs 47.65 so far during the day. The stock had hit a 52-week high of Rs 73 on 2 July 2015. The stock had hit a 52-week low of Rs 35.30 on 15 February 2016.

Mangalore Chemicals & Fertilizers (MCF) had announced on 27 April 2016, that the company had initiated operation of ammonia and urea plants at reduced capacity due to acute water shortage in Dakshina Kannada district and Mangalore city with the depletion of reservoir level at Thumbe and delayed pre-monsoon showers. Subsequently, the company had announced temporary shutdown of urea production from 7 May 2016 due to non-availability of water.

Mangalore Chemicals & Fertilizers reported net loss of Rs 5.79 crore in Q4 March 2016 as against net profit of Rs 34.06 crore in Q4 March 2015. Net sales rose 12.92% to Rs 752.34 crore in Q4 March 2016 over Q4 March 2015.

Mangalore Chemicals & Fertilizers is the largest manufacturer of chemicals and fertilizers in Karnataka.

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