Gujarat Narmada Valley Fertilizers & Chemicals rose 4.47% to Rs 83 at 15:15 IST on BSE after the company said it signed a joint venture agreement with Belgium's EcoPhos SA.
The announcement was made during trading hours on Saturday, 12 March 2016.Meanwhile, the BSE Sensex was up 114.16 points, or 0.46%, to 24,832.15 .
On BSE, so far 1.88 lakh shares were traded in the counter, compared with an average volume of 44,596 shares in the past one quarter. The stock hit a high of Rs 83.70 and a low of Rs 78.10 so far during the day. The stock hit a 52-week high of Rs 89 on 13 January 2016. The stock hit a 52-week low of Rs 50 on 25 August 2015. The stock had outperformed the market over the past one month till 11 March 2016, rising 18.94% compared with 7.70% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 5.58% as against Sensex's 1.30% fall.
The small-cap company has an equity capital of Rs 155.42 crore. Face value per share is Rs 10.
Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) has signed joint venture (JV) agreement with EcoPhos SA, Belgium for setting up 2 lakh metric tonne per annum (MTPA) Di-calcium phosphate project at Dahej at an estimated cost of Rs 526 crore. Project will be implemented by forming joint venture company, "EcoPhos GNFC India". The process of incorporating JV company is underway. Main objective of setting-up of this project through JV company is to consume around 1.5 lakh MTPA of hydro chloric acid generated as byproduct from company's new 50,000 MTPA TDI-II plant set-up at Dahej. EcoPhos will hold 85% stake in the JV while the remaining 15% stake will be with GNFC.
Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) reported net profit of Rs 85.63 crore in Q3 December 2015 as against net loss of Rs 46.03 crore in Q3 December 2014. Net sales declined 3.56% to Rs 1101.20 crore in Q3 December 2015 over Q3 December 2014.
GNFC is one of the leading companies in the fertilizer industry in India.
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