Zuari Agro recovers on bargain hunting

Zuari Agro Chemicals advanced 1.93% to Rs 517.80 at 10:30 IST on BSE, with the stock recovering on bargain hunting after recent losses.

Meanwhile, the S&P BSE Sensex was down 19.90 points or 0.06% at 33,704.54.

On the BSE, 21,000 shares were traded on the counter so far as against the average daily volumes of 48,077 shares in the past one quarter. The stock had hit a high of Rs 524.65 and a low of Rs 505.65 so far during the day. The stock had hit a record high of Rs 689.45 on 24 October 2017 and a 52-week low of Rs 205.50 on 25 November 2016.

Shares of Zuari Agro Chemicals had declined 10.06% in the preceding six trading sessions to settle at Rs 508 yesterday, 27 November 2017, from its closing of Rs 564.85 on 17 November 2017.

Zuari Agro Chemicals' board on 21 November 2017 approved raising of funds by issue of equity shares/any other permissible securities convertible into equity shares through qualified institutional placement (QIP) or through any other permissible mode or a combination thereof, in one or more tranches, for an amount not exceeding Rs 400 crore.

Zuari Agro Chemicals' net profit surged 299.7% to Rs 53.52 crore on 25% growth in net sales to Rs 1314.76 crore in Q2 September 2017 over Q2 September 2016.

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

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