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Zuari Agro Chemicals tanks after muted growth in Q3 net profit

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Zuari Agro Chemicals slumped 8.25% to Rs 263 at 12:08 IST on BSE after net profit rose 0.2% to Rs 17.13 crore on 8.3% decline in net sales to Rs 1412.71 crore in Q3 December 2014 over Q3 December 2013.

The Q3 result was announced after market hours yesterday, 22 January 2015.

Meanwhile, the S&P BSE Sensex was up 210.86 points or 0.73% at 29,216.88.

On BSE, so far 4,383 shares were traded in the counter as against average daily volume of 10,551 shares in the past one quarter.

The stock hit a high of Rs 290 and a low of Rs 262.95 so far during the day. The stock had hit a 52-week low of Rs 123 on 24 March 2014. The stock had hit a 52-week high of Rs 309.50 on 7 November 2014.

 

The stock had outperformed the market over the past one month till 22 January 2015, surging 12.04% compared with Sensex's 4.71% rise. The scrip had also outperformed the market in past one quarter, jumping 44.92% as against Sensex's 8.28% rise.

The small-cap company has equity capital of Rs 42.06 crore. Face value per share is Rs 10.

Zuari Agro Chemicals' board of directors at a meeting held yesterday, 22 January 2015, approved, subject to the approval of the shareholders of the company raising of an amount upto Rs 400 crore through further issue of securities including equity shares, by way of a qualified institutional placement (QIP). The proceeds from QIP shall be utilized for substantial revamp of existing manufacturing capacities and towards strategic investment/acquisitions, Zuari Agro Chemicals said.

Zuari Agro Chemicals is one of the leading fertilizer conglomerates in India. The company is also a significant importer of fertilizers and farm nutrients. The company produces high-quality complex fertilizers of various grades along with seeds, pesticides, micro nutrients, and specialty fertilizers.

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First Published: Jan 23 2015 | 12:02 PM IST

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