Zuari Agro Chemicals rose 1.66% to Rs 138 at 14:27 IST on BSE after net profit surged 314.04% to Rs 17.10 crore on 3.72% growth in total income from operations to Rs 1556.65 crore in Q3 December 2013 over Q3 December 2012.
The Q3 result was announced during trading hours today, 6 February 2014.
Meanwhile, the S&P BSE Sensex was up 6.47 points or 0.03% at 20,267.50.
On BSE, so far 21,000 shares were traded in the counter as against average daily volume of 9,960 shares in the past one quarter.
The stock was volatile. The stock surged as much as 8.28% at the day's high of Rs 147 so far during the day. The stock lost as much as 0.55% at the day's low of Rs 135 so far during the day. The stock had hit a 52-week high of Rs 228.85 on 6 February 2013. The stock had hit a record low of Rs 73.50 on 2 August 2013.
The stock had underperformed the market over the past one month till 5 February 2014, sliding 5.73% compared with the Sensex's 2.83% fall. The scrip had, however, outperformed the market in past one quarter, jumping 37.82% as against Sensex's 3.4% fall.
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The small-cap company has equity capital of Rs 42.06 crore. Face value per share is Rs 10.
During the quarter (Q3 December 2013), Ministry of Agriculture, Government of India, has declared 47,635 MT (Rs 155.61 crore) of DAP, imported by the company as fertilizers not meeting the standards specified by Fertilizer Control Order, 1985 (FCO). The company is in the process of filing a claim for loss suffered by it against the supplier. The contract with the supplier provides that the company has the right to claim entire amount as compensation from the supplier in the event goods are found not confirming to FCO by Regional/Central test laboratory of Government of India, Faridabad for certification of fertilizers. The company said it is hopeful to realize the financial loss, if any. The licence for sale of the imported DAP in Tamil Nadu has been temporarily suspended by Department of Agriculture, Government of Tamil Nadu, Zuari Agro Chemicals said.
Zuari Agro Chemicals produces high-quality complex fertilizers of various grades along with seeds, pesticides, micro nutrients and specialty fertilizers. It has a manufacturing facility at Goa, with four plants, dedicated to manufacturing urea, DAP and NPK based fertilizers.
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