Mangalore Chemicals & Fertilisers rose 12.99% to Rs 92.20 at 12:25 IST on BSE after the firm said that Dr. Vijay Mallya, a director on the board of directors of the company, has resigned with immediate effect.
The announcement was made during trading hours today, 1 December 2014.
Meanwhile, the BSE Sensex was up 43.35 points, or 0.15%, to 28,737.34.
On BSE, so far 2.34 lakh shares were traded in the counter, compared with an average volume of 1.80 lakh shares in the past one quarter.
The stock hit a high of Rs 97.90 and a low of Rs 83.10 so far during the day. The stock hit a record high of Rs 104.65 on 8 October 2014. The stock hit a 52-week low of Rs 52.30 on 16 December 2013.
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The stock had underperformed the market over the past one month till 28 November 2014, falling 7.27% compared with 6.75% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 19.04% as against Sensex's 7.72% rise.
The small-cap company has an equity capital of Rs 118.52 crore. Face value per share is Rs 10.
The takeover battle for Mangalore Chemicals & Fertilizers (MCFL) between Deepak Fertilisers and Zuari Group was triggered in April 2013 when the latter bought about 10% stake in MCFL through open market.
In November 2014, Deepak Fertilisers bought about 6% stake in MCFL for Rs 65.93 crore through an open offer, intensifying its takeover battle with Zuari Group. The company purchased 70.44 lakh shares in MCFL equivalent to 5.94% in the open offer closed on 20 October 2014. Deepak Fertilisers' stake in MCFL jumped to 31.25% post offer.
Meanwhile, Zuari-United Breweries (UB) group combine, which had offered the counter bid at Rs 81.60 per share, could acquire only 42,424 shares. Zuari-United Breweries (UB) group combine holds 38.44% in MCFL as per the company's disclosure on BSE.
Net profit of Mangalore Chemicals & Fertilizers rose 351.43% to Rs 42.57 crore on 1.99% decline in net sales to Rs 1196.73 crore in Q2 September 2014 over Q2 September 2013.
Mangalore Chemicals and Fertilizers is a fertilizers manufacturing company situated in the state of Karnataka, India. The company with its wide range of products, that include urea, di-ammonium phosphate, muriate of potash, granulated fertilizers, micronutrients, soil conditioners and specialty fertilizers, touches and enriches the lives of farmers across southern india.
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