Zuari Agro gains after acquiring shares of Nagarjuna Fertilizers

Zuari Agro Chemicals rose 1.81% to Rs 334.95 at 10:23 IST on BSE after the company said it acquired 3.22 crore shares of Nagarjuna Fertilizers and Chemicals from Zuari Global.

The announcement was made after maket hours yesterday, 23 March 2017.

Meanwhile, the S&P BSE Sensex was up 136.66 points, or 0.47% to 29,468.82.

On the BSE, 2,222 shares were traded in the counter so far, compared with average daily volumes of 57,712 shares in the past one quarter. The stock had hit a high of Rs 336.80 and a low of Rs 331 so far during the day.

The stock hit a 52-week high of Rs 383.40 on 25 January 2017. The stock hit a 52-week low of Rs 134 on 29 March 2016.

The stock had underperformed the market over the past one month till 23 March 2017, falling 1.38% compared with 1.62% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 39.08% as against Sensex's 12.64% rise.

The small-cap company has equity capital of Rs 42.06 crore. Face value per share is Rs 10.

Zuari Agro Chemicals said that the all-cash deal was struck at Rs 16.10 per share, aggregating to Rs 51.95 crore.

Net profit of Zuari Agro Chemicals rose 3900% to Rs 22.40 crore on 14.86% decline in net sales to Rs 945.74 crore in Q3 December 2016 ovber Q3 December 2015.

Zuari Agro Chemicals is one of the leading fertilizer conglomerates in India. The company produces high-quality complex fertilizers of various grades along with seeds, pesticides, micro nutrients, and specialty fertilizers.

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