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Gujarat Fluorochemicals gains on entering into JV with GMDC and NFIL

08 Dec 2011

Gujarat Fluorochemicals is currently trading at Rs. 418.50, up by 6.30 points or 1.53% from its previous closing of Rs. 412.20 on the BSE.

The scrip opened at Rs. 418.00 and has touched a high and low of Rs. 425.00 and Rs. 410.00 respectively. So far 4,200 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 561.00 on 24-Oct-2011 and a 52 week low of Rs. 181.00 on 10-Dec-2010.

Last one week high and low of the scrip stood at Rs. 444.00 and Rs. 400.15 respectively. The current market cap of the company is Rs. 4597.00 crore.

The promoters holding in the company stood at 70.01% while Institutions and Non-Institutions held 7.21% and 22.78% respectively.

Gujarat Fluorochemicals (GFL) has entered into a joint venture (JV) agreement with Gujarat Mineral Development Corporation (GMDC) and Navin Fluorine International (NFIL) to undertake a fluorspar beneficiation project for supply of acid grade fluorspar and metallurgical grade fluorspar to the company.

The joint venture will be in the form of a separate company, in which GFL will own 25% equity.

GFL is engaged in manufacturing of chloro-fluorocarbon refrigerant gases and hydrous hydrofluoric acid. GFL is part of the $2 billion INOX group of companies. The INOX group has interests in areas of industrial gases, refrigerants, chemicals, carbon credits, cryogenic engineering, renewable energy and entertainment.

The company’s net profit for the quarter surged 280.15% at Rs 188.44 crore as compared to Rs 49.57 crore for the quarter ended September 30, 2010. Its net sales has zoomed by 151.74% to Rs 546.26 crore for the quarter under review from Rs 216.99 crore for the similar quarter of the previous year.

GFL Share Price

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