Mangalore Chemicals spurts after environmental clearance for plant

Mangalore Chemicals & Fertilizers rose 10.48% to Rs 61.15 at 11:05 IST on BSE after the company said it received environmental clearance for expansion cum modernisation of a fertilizer plant.

The announcement was made after market hours on 17 August 2018.

Meanwhile, the S&P BSE Sensex was up 299.23 points, or 0.79% to 38,247.11.

On the BSE, 1.46 lakh shares were traded in the counter so far compared with average daily volumes of 18,000 shares in the past two weeks. The stock had hit a high of Rs 64 and a low of Rs 57.50 so far during the day. The stock hit a 52-week high of Rs 89.20 on 1 December 2017. The stock hit a 52-week low of Rs 52.05 on 2 July 2018.

 

Mangalore Chemicals & Fertilizers announced that, Ministry of Environment, Forest and Climate Change (MoEF&CC), Government of India, vide its letter dated 14 August 2018, has accorded the Environmental Clearance (EC) to the project for expansion cum modernisation of a fertilizer plant.

Mangalore Chemicals & Fertilizers reported net loss of Rs 3.91 crore in Q1 June 2018 as against net loss of Rs 3.19 crore in Q1 June 2017. Net sales rose 13.86% to Rs 670.64 crore in Q1 June 2018 over Q1 June 2017.

Mangalore Chemicals and Fertilizers (MCF) is the largest manufacturer of chemical fertilizers in the state of Karnataka.

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