Mangalore Chemicals at record high post Zuari's stake hike
Zuari has bought an additional 2.5 percent stake (29.94 lakh shares) in Mangalore Chemicals at Rs 67.98 a share Thursday. On Wednesday, it purchased 41.43 lakh equity shares (3.5 percent of total outstanding equity shares) at Rs 61.01 apiece.
July 12, 2013 / 15:22 IST
Moneycontrol Bureau
Mangalore Chemicals and Fertilisers shares surged 7.6 percent intraday Friday to touch a record high of Rs 73 on the Bombay Stock Exchange, after Zuari Fertilisers and Chemicals raised stake in the company to 16 percent.Zuari has bought an additional 2.5 percent stake (29.94 lakh shares) in Mangalore Chemicals at Rs 67.98 a share Thursday. On Wednesday, it purchased 41.43 lakh equity shares (3.5 percent of total outstanding equity shares) at Rs 61.01 apiece.Earlier in April, it had purchased nearly 10 percent stake in the company, so now the stake of Zuari increased to 16 percent.Other fertiliser company Deepak Fertilisers also bought 24.46 percent stake in the company through its subsidiary SCM Soilfert on July 3.Meanwhile, the promoter Vijay-Mallya through its group companies hold 22 percent stake in Mangalore Chemicals as of March 2013.At 15:14 hour IST, the stock was quoting at Rs 70.40, up 3.76 percent amid high volumes. It soared 83 percent in past one-month. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
