Moneycontrol
Get App
Last Updated : Jan 14, 2020 10:45 AM IST | Source: Moneycontrol.com

Deepak Fertilizers sells land in Dahej; share price jumps 7%

The land sold for total transaction value of Rs 99.2 crore, the company said in its BSE filing.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Shares of Deepak Fertilizers and Petrochemicals Corporation gained 7.4 percent intraday on January 14 after the company sold its land in Dahej.

The company informed exchanges that it has divested one of its plots in the industrial land in Dahej as part of the strategy to divest non-core assets.

The land has been sold for a total transaction value of Rs 99.2 crore, the company said in its BSE filing.

Close

"The Deed of Assignment was executed in December 2019 and the transfer order from Gujarat Industrial Development Corporation was received accordingly. The company has received the sale consideration and paid all the related charges & its share of transfer fees," it added.

The company's existing Nitric Acid plant is situated in Dahej where it continues to have an adequate unutilised area in order to take care of any future expansion, Deepak said.

Along with other fertiliser shares, the stock also saw buying interest, rising 24 percent ahead of Union Budget 2020. It was quoting at Rs 115.20, up Rs 5.55, or 5.06 percent on the BSE at 1028 hours IST.

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Jan 14, 2020 10:45 am
Sections
Follow us on
Available On