Deepak Fertilisers & Petrochemicals Corporation rose 0.76% to Rs 258.50 at 12:10 IST on BSE after the company said that its wholly owned subsidiary has decided to acquire majority stake in Performance Chemiserve.
The announcement was made after market hours yesterday, 6 April 2017.Meanwhile, the S&P BSE Sensex was down 71.17 points or 0.24% at 29,856.17. The S&P BSE Small-Cap index was up 60.24 points or 0.41% at 14,811.21.
On the BSE, 54,456 shares were traded on the counter so far as against the average daily volumes of 4.65 lakh shares in the past one quarter. The stock had hit a high of Rs 263.90 and a low of Rs 258 so far during the day.
The stock had hit a record high of Rs 284 on 16 January 2017 and a 52-week low of Rs 146.70 on 6 April 2016. The stock had underperformed the market over the past one month till 6 April 2017, gaining 2.91% compared with Sensex's 3.03% gains. The scrip had, however, outperformed the market in past one quarter, advancing 13.9% as against Sensex's 11.84% rise.
The small-cap company has equity capital of Rs 88.20 crore. Face value per share is Rs 10.
Deepak Fertilisers & Petrochemicals Corporation (DFPCL) said that Smartchem technologies (STL) a wholly owned subsidiary of the company has decided to acquire majority stake in Performance Chemiserve (PCPL), a company engaged in packaging services to the chemical industry since 2006.
STL proposes to take up to 76% equity stake in PCPL by way of a fresh issue to fund further growth. After the acquisition of shares by STL, PCPL would become the subsidiary of STL and step-down subsidiary of DFPCL.
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Separately, DFPCL announced that the domestic gas supply to the company has been arbitrarily stopped effective from 15 May 2014, pursuant to an order passed by Ministry of Petroleum, Government of India.
The company successfully challenged the same before the Delhi High Court which vide its orders dated 7 July 2015 and 19th October, 2015 directed the Government of India to restore gas supply. Against these orders, the Government of India had filed an SLP [special leave petition] before the Supreme Court.
The Supreme Court has now disposed off the SLP filed by the Government of India. The gas restoration matter will now be finally heard by the Division Bench of Delhi High Court. The company is awaiting detailed order of the Supreme Court. The announcement was made after market hours yesterday, 6 April 2017,
DFPCL's net profit surged 104.9% to Rs 46.62 crore on 4.7% decline in net sales to Rs 1050.50 crore in Q3 December 2016 over Q3 December 2015.
DFPCL is among India's leading producers of industrial chemicals and fertilisers. The company offers a basket of over 48 traded products which include bulk fertilizers, specialty fertilizers, water soluble fertilizers, micro nutrients and secondary nutrients.
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