United Phosphorus spurt on receiving stay against CCI order

24 Jul 2012 Evaluate

United Phosphorus is currently trading at Rs 124.00, up by 2.50 points or 2.06 % from its previous closing of Rs 121.50 on the BSE.

The scrip opened at Rs 122.90 and has touched a high and low of Rs 125.20 and Rs 121.40 respectively. So far 115643 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 170.60 on 01-Aug-2011 and a 52 week low of Rs. 105.00 on 04-Jun-2012.

Last one week high and low of the scrip stood at Rs 127.00 and Rs 118.60 respectively. The current market cap of the company is Rs 5726 crore.

The promoters holding in the company stood at 27.67% while Institutions and Non-Institutions held 50.05% and 22.21% respectively.

United Phosphorus, a global generic crop protection, chemicals and seeds company, has received a stay order from Competition Appellate Tribunal (COMPAT) against the order issue by Competition Commission of India (CCI), wherein the commission levied an penalty of Rs 252.44 crore on the Company for alleged violation of sections 3 (3) (b) and 3 (3) (d) of the Competition Act, 2002.

In a first, it's kind of order, COMPAT has directed three Aluminum Phosphide Tablets (APT) manufacturers, namely United Phosphorus, Excel Crop Care and Sandhya Organics Chemical, to deposit 10% of the penalty while disposing off the interim application on stay of penalty.

Back in April, CCI passed an order imposing fine of Rs 317.91 crore on three manufactures for allegedly forming a cartel and maneuvering bids of the Food Corporation of India (FCI) to supply aluminium phosphide tablet. The Commission had then imposed fine of Rs 252.44 crore on United Phosphorus and Rs 63.90 crore and Rs 1.57 crore respectively on Excel Crop Care and Sandhya Organics. The penalty was calculated on the basis of 9% of the average of three years turnover on the three producers. CCI directed a probe after receiving complaints from the FCI, which informed the fair trade regulator in February 2011 towards hike in cost of procurement and apprehended formation of a cartel by the manufacturers.

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