 "GNFC hits 52-week high; surges over 25% post Q4 results")
Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) has surged 5% to Rs 118, extending its past one-week rally on the BSE in an otherwise weak market after reporting strong set of numbers for the quarter ended March 2016 (Q4FY16).
The stock currently trading at its 52-week high, has soared 26% in past six trading sessions from Rs 94 on April 26, post Q4 results. The S&P BSE Sensex was down 3.2% during the same period.
The company had posted a net profit of Rs 99 crore in Q4FY16 against a net loss of Rs 326 crore in the same quarter last fiscal. Net sales increased by 10% at Rs 1,308 crore as compared to 1,193 crore in the corresponding quarter of previous year.
The company attributed the strong performance due to highest ever production of ammonia, urea, ANP, CNA, formic acid and TDI as also the highest ever sales records in WNA, ANP, CNA, AN(Melt) and Technical Grade Urea.
As a future expansion plan, the company entered into a joint venture with Eco Phos, Belgium for setting up India's largest facility for the manufacture of Di-Calcium Phosphate, an animal feed, the company said in a statement.
Rajiv Kumar Gupta, Managing Director of GNFC said the company is now focusing on the expeditious implementation of the joint venture with Eco Phos, Belgium as a downstream integration of the TDI Dahej to enhance the profitability of Dahej operations.
At 10:19 am, the stock was up 4.7% at Rs 117 on the BSE as compared to 0.28% decline in the benchmark index. A combined 996,063 shares changed hands on the counter on the BSE and NSE so far.
The stock currently trading at its 52-week high, has soared 26% in past six trading sessions from Rs 94 on April 26, post Q4 results. The S&P BSE Sensex was down 3.2% during the same period.
The company had posted a net profit of Rs 99 crore in Q4FY16 against a net loss of Rs 326 crore in the same quarter last fiscal. Net sales increased by 10% at Rs 1,308 crore as compared to 1,193 crore in the corresponding quarter of previous year.
The company attributed the strong performance due to highest ever production of ammonia, urea, ANP, CNA, formic acid and TDI as also the highest ever sales records in WNA, ANP, CNA, AN(Melt) and Technical Grade Urea.
As a future expansion plan, the company entered into a joint venture with Eco Phos, Belgium for setting up India's largest facility for the manufacture of Di-Calcium Phosphate, an animal feed, the company said in a statement.
Rajiv Kumar Gupta, Managing Director of GNFC said the company is now focusing on the expeditious implementation of the joint venture with Eco Phos, Belgium as a downstream integration of the TDI Dahej to enhance the profitability of Dahej operations.
At 10:19 am, the stock was up 4.7% at Rs 117 on the BSE as compared to 0.28% decline in the benchmark index. A combined 996,063 shares changed hands on the counter on the BSE and NSE so far.