Norwegian push for Deepak Fertilisers

DALAL STREET SPIKES

Deepak Fertilisers and Petrochemicals was locked in the upper circuit, as it gained 20 per cent from Rs 117.70 to Rs 141.20. The volumes were up almost ten-fold to 5.2 lakh shares, from a two-week average traded quantity of 53,480 shares.

The rally followed the company's announcement that it had signed a joint venture with Norway's fertiliser group Yara. Deepak Fertilisers will own 51 per cent in the joint venture and the latter would own the remaining stake.

The JV will focus on producing and marketing technical ammonium nitrate and speciality fertilisers.