Deepak Fertilisers & Petrochemicals Corporation (DFPCL) made the announcement after market hours on Wednesday, 3 July 2013. Shares of DFPCL rose 2.98% to Rs 96.80.
Meanwhile, the S&P BSE Sensex was up 122.06 points, or 0.64%, to 19,299.82.
On BSE, 10.05 lakh shares were traded in the counter as against an average daily volume of 6.89 lakh shares in the past one quarter.
The stock hit a high of Rs 56.05 and a low of Rs 50.60 so far during the day. The stock had hit a record high of Rs 66.15 on 2 July 2013. The stock had hit a 52-week low of Rs 27.30 on 4 March 2013.
The stock had outperformed the market over the past one month till 3 July 2013, rising 42.64% compared with the Sensex's 2.21% fall. The scrip had also outperformed the market in past one quarter, rising 31.77% as against Sensex's 2% rise.
The small-cap company has an equity capital of Rs 118.52 crore. Face value per share is Rs 10.
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DFPCL acquired a 24.46% stake in Mangalore Chemicals and Fertilizers (MCFL) for Rs 179 crore, becoming MCFL's largest shareholder. DFPCL, through its wholly-owned subsidiary SCM Soilfert, acquired 2.89 crore shares in MCFL at an average price of Rs 61.75 per share through multiple block deals executed on the BSE on Wednesday, 3 July 2013.
DFPCL said that given its considerable strengths in the fertiliser business, the investment is very strategic and a good fit with the company's business. DFPCL said it looks forward to working closely with MCFL to enhance long-term value for the shareholders of both companies.
As on 31 March 2013, Vijay Mallya's UB Group held 22% in MCFL.
Mangalore Chemicals & Fertilizers' net profit fell 21.6% to Rs 16.84 crore on 36% decline in net sales to Rs 649.80 crore in Q4 March 2013 over Q4 March 2012.
Mangalore Chemicals & Fertilizers makes wide range of products including urea, di-ammonium phosphate, muriate of potash, granulated fertilizers, micronutrients, soil conditioners and specialty fertilizers.
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