Excel Crop Care was locked at 5% upper circuit at Rs 289.40 at 14:35 IST on BSE after the company said its board will consider a scheme of arrangement between the company and Gujarat-based TML Industries.
Meanwhile, the BSE Sensex was down 86.44 points, or 0.42%, to 20,597.08.
On BSE, 1,719 shares were traded in the counter compared with average volume of 2,929 shares in the past one quarter.
The stock hit a high of Rs 289.40 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 277.05 so far during the day. The stock hit a 52-week low of Rs 150.45 on 28 March 2013.
The stock had outperformed the market over the past one month till 25 October 2013, rising 18.81% compared with the Sensex's 4.17% rise. The scrip had also outperformed the market in past one quarter, soaring 47.88% as against Sensex's 4.44% rise.
The small-cap company has an equity capital of Rs 5.50 crore. Face value per share is Rs 5.
Excel Crop Care said that its board of directors will consider a scheme of arrangement between the company and TML Industries at Vadodara in Gujarat for the transfer of the chemical business of TML Industries to Excel Crop Care.
The board will consider this proposal along with Q2 September 2013 results on Wednesday, 30 October 2013, Excel Crop Care said in a statement.
Excel Crop Care's net profit spurted 79.1% to Rs 19.63 crore on 21.5% decline in net sales to Rs 254.55 crore in Q1 June 2013 over Q1 June 2012.
Excel Crop Care manufactures agrochemicals, which includes insecticides, herbicides, fungicides and fumigants.
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