Nagarjuna Fertilizers surges 18% as operations resume at Andhra plant

Shares of Nagarjuna Fertilizers and Chemicals rose as much as 18 per cent to Rs 9.78 on the BSE in morning trade on Wednesday as the company restarted production of urea from Unit I of Kakinada Plant, Andhra Pradesh on December 23, 2018.

The fertiliser company is in the process of a long-term debt resolution with its lenders.

"We wish to inform you that the company is in the process of a Long-Term Debt Resolution with its lenders. Pending debt resolution, basis support of Department of Fertilizers and Lenders, the company has restarted production of Urea from Unit I of Kakinada Plant, Andhra Pradesh on December 23, 2018." the company said in an exchange filing on Monday.

Earlier this month, the company had informed about the resignation of NCB Nath from the position of independent director.

At 11:18 am, the stock was trading at Rs 9.36, up 12.9 per cent from its previous close. Over 1.51 million shares were traded on the National Stock Exchange (NSE) and BSE so far.