Zuari Agro Chemicals to sell Goa unit to Paradeep Phosphates for $280 million; share surges 15%

The scrip witnessed a spurt in volume by more than 6.58 times and was trading with volumes of 58,242 shares, compared to its five day average of 7,650 shares.

February 23, 2021 / 10:46 AM IST
Zuari Agro Chemicals | Promoter Zuari Global created pledge on 2.61 percent shares. (Image: zuari.in)

Zuari Agro Chemicals | Promoter Zuari Global created pledge on 2.61 percent shares. (Image: zuari.in)

 
 
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Zuari Agro Chemicals share price jumped over 15 percent intraday on February 23 after the company decided to sell its fertiliser plant in Goa to Paradeep Phosphates.

The Board of Directors of the company at its meeting held on February 22, 2021, approved the sale of the company's fertilizer plant in Goa and associated businesses of the company to Paradeep Phosphates Limited as a going concern, on a slump sale basis for an agreed enterprise value of USD 280 million as defined in the Business Transfer Agreement and for entering into necessary Business Transfer Agreement with PPL, the company said in an exchange filing.

The business transfer agreement is expected to executed in February 2021.

The stock was trading at Rs 105.35, up Rs 13.95, or 15.26 percent. It has touched an intraday high of Rs 108.00 and an intraday low of Rs 95.30.

The scrip also witnessed a spurt in volume by more than 12.05 times and was trading with volumes of 103,220 shares, compared to its five day average of 7,650 shares, an increase of 1,249.25 percent.

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According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has decreasing promoter pledge with rising net cash flow and cash from operating activity.

However, Moneycontrol technical rating is neutral with moving averages being bullish and technical indicators being neutral.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Feb 23, 2021 10:46 am

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