Chambal Fertilisers & Chemicals rose 2.11% to Rs 60.50 at 9:46 IST on BSE after the company said that its board has approved the sale of its ships or entire shipping business on slump sale basis or some other appropriate structure.
The announcement was made after market hours yesterday, 22 December 2015.
Meanwhile, the S&P BSE Sensex was up 228.02 points or 0.89% at 25,818.67.
On BSE, so far 96,000 shares were traded in the counter as against average daily volume of 39,000 shares in the past two weeks.
The stock hit a high of Rs 60.80 and a low of Rs 59.60 so far during the day. The stock had hit a 52-week high of Rs 77 on 8 April 2015. The stock had hit a 52-week low of Rs 53.85 on 8 September 2015.
The stock had outperformed the market over the past one month till 22 December 2015, gaining 2.24% compared with Sensex's 1.07% fall. The scrip had also outperformed the market in past one quarter, advancing 1.28% as against Sensex's 0.24% fall.
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The small-cap company has equity capital of Rs 416.21 crore. Face value per share is Rs 10.
Chambal Fertilisers & Chemicals' board of directors at a meeting held yesterday, 22 December 2015, approved to either sell one/more/all of the five ships/vessels owned by the company, or sell the entire shipping business of the company on slump sale basis or some other appropriate structure. The proposed transaction will be consummated as and when the company receives commercially viable and acceptable offers from third parties in this regard. The approval of the shareholders in this regard will be taken through postal ballot. The company said that the proposal was made keeping in view the long term shipping business outlook and the requirement of funds for new Ammonia-Urea project proposed to be set up by the company at Gadepan in Kota, Rajasthan.
Chambal Fertilisers & Chemicals' net profit rose 19.7% to Rs 137.45 crore on 9.8% growth in net sales to Rs 2753.52 crore in Q2 September 2015 over Q2 September 2014.
Chambal Fertilisers & Chemicals is one of the largest private sector fertilizer producers in India.
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