National Fertilizers gains as CCEA approves divestment

Meanwhile, the S&P BSE Sensex was up 474.57 points or 2.51% at 19,350.52.

On BSE, 1.11 lakh shares were traded in the counter as against average daily volume of 39,314 shares in the past one quarter.

The stock hit a high of Rs 36 and a low of Rs 33.50 so far during the day. The stock had hit a 52-week low of Rs 33 on Thursday, 27 June 2013. The stock had hit a 52-week high of Rs 96 on 16 July 2012.

The stock had underperformed the market over the past one month till 27 June 2013, sliding 24.83% as compared to the Sensex's 5.77% fall. The stock had also underperformed the market in the past one quarter, declining 24.67% as compared to the Sensex's 0.92% rise.

The small-cap company has equity capital of Rs 490.58 crore. Face value per share is Rs 10.

The divestment of stake in National Fertilizers (NFL) will make the company compliant with public share holding requirements under the Securities Contracts (Regulation) Rules (SCRR). The Government of India currently holds 97.64% stake in NFL. Stock market regulator Securities & Exchange Board of India (Sebi) has mandated minimum public shareholding of 10% for state-run firms by 8 August 2013.

National Fertilizers reported net loss of Rs 107.04 crore in Q4 March 2013, as against net profit of Rs 56.87 crore in Q4 March 2012. Net sales declined 44.9% to Rs 1148.62 crore in Q4 March 2013 over Q4 March 2012.

National Fertilizers is India's largest central public sector enterprise in fertilizers sector.

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