Deepak Fertilisers surges on resuming production of ANP fertilizer at Taloja facility

23 Jun 2015

Deepak Fertilisers & Petrochemicals Corporation is currently trading at Rs. 128.25, up by 2.90 points or 2.31 % from its previous closing of Rs. 125.35 on the BSE.

The scrip opened at Rs. 126.15 and has touched a high and low of Rs. 131.75 and Rs. 125.10 respectively. So far 7130 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. 112.05 on 12-Jun-2015.

Last one week high and low of the scrip stood at Rs. 131.75 and Rs. 115.15 respectively. The current market cap of the company is Rs. 1106.97 crore.

The promoters holding in the company stood at 49.95% while Institutions and Non-Institutions held 18.75% and 31.30% respectively.

Deepak Fertilisers & Petrochemicals Corporation has resumed production of ANP fertilizer at Taloja facility with imported RLNG as feedstock. The supply of domestic natural gas had been discontinued since May 15, 2014 as per the order of Ministry of Petroleum and Natural Gas (MoPNG), which the Company has challenged before the Delhi High Court. An Inter-Ministerial Committee, formed for this purpose, by the Department of Fertilisers, Government of India, is also reviewing the issue. Outcomes from both are awaited.

The company had recently received many requests for resumption of production of its flagship fertilizer 24:24:0 from various farmers, fanner cooperatives/ associations, MPs and MLAs, as well as a directive from the Department of Agriculture, Government of Maharashtra to meet the demand of the product during the ongoing Khariff season. Some of these requests are from farmer-suicidal/riot sensitive zones in Maharashtra.

The company has further stated that the resumption of production is based on expensive RLNG as the feedstock and the company's decision is clearly not driven by commercial considerations. This action arising from the concern for farmers is without prejudice to the company's legitimate rights for restoration of domestic natural gas.

Deepak Fertilisers and Petrochemicals Corporation is one of the leading manufacturers of industrials chemicals and fertilizers in India. The company operates in three business segments – Chemicals, Fertilizers and Realty.

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