Deepak Fertilisers trades higher on subsidiaries’overseas venture initiative

08 Sep 2014

Deepak Fertilisers & Petrochemicals Corporation is currently trading at Rs. 168.70, up by 4.70 points or 2.87% from its previous closing of Rs. 164.00 on the BSE.

The scrip opened at Rs. 168.00 and has touched a high and low of Rs 170.00 and Rs 167.95 respectively. So far 17908 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 185.05 on 22-Jul-2014 and a 52 week low of Rs. 87.15 on 06-Sep-2013.

Last one week high and low of the scrip stood at Rs 166.00 and Rs 154.60 respectively. The current market cap of the company is Rs 1446.56 crore.

The promoters holding in the company stood at 45.46%, while Institutions and Non-Institutions held 17.29% and 37.25% respectively.

Deepak Fertilisers & Petrochemicals Corporation’s wholly owned subsidiary - Smartchem Technologies (STL), India’s leading manufacturer of mining chemicals, as a part of its forward integration initiative, has incorporated ‘Platinum Blasting Services’ as its overseas venture for Mining Services in Brisbane, Australia.

Platinum Blasting Services is a joint venture (JV) with local Australian partners, who have vast experience in providing value added blasting services and operation expertise to the mining and explosives industries in Australia. STL will hold 65% while the local partners will hold 35% in the joint venture. The local partners collectively bring over 80 years of domain knowledge to the venture.

Over the next two years, Platinum Blasting Services intends to make an investment of around AUD 28 million through a mix of debt and equity. Australia, which is an approximately 2 million tons per annum of expanding TAN market, will offer immense growth potential to Platinum.

Platinum Blasting Services plans to develop a full service offering including - Technical Ammonium Nitrate (TAN) supplies; Storage and logistics; Manufacturing of Emulsion; Blast design and technical support; and Down-the-HoIe services.

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