Mangalore Chem up 84% in 1 month; Zuari ups stake to 14%

Jul 11, 2013, 12.28 PM IST

Mangalore Chemicals and Fertilisers has rallied close to 84 percent in past one month from level of Rs 36.90 on June 12 to Rs 67.85 today after multiple block deals.

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Mangalore Chem up 84% in 1 month; Zuari ups stake to 14%

Mangalore Chemicals and Fertilisers has rallied close to 84 percent in past one month from level of Rs 36.90 on June 12 to Rs 67.85 today after multiple block deals.

Like this story, share it with millions of investors on M3

Mangalore Chem up 84% in 1 month; Zuari ups stake to 14%

Mangalore Chemicals and Fertilisers has rallied close to 84 percent in past one month from level of Rs 36.90 on June 12 to Rs 67.85 today after multiple block deals.

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Mangalore Chemicals and Fertilisers shares are locked at 10 percent upper circuit Thursday after Zuari Chemicals and Fertilisers increased its stake in the company to 14 percent.

Zuari Chemicals bought another 41 lakh shares of the Mangalore Chemicals from the open market on Wednesday. Earlier in April, Zuari picked up nearly 10 percent stake in the company, taking its total stake to 14 percent now.

On July 3, Deepak Fertilisers and Petrochemicals through its SCM Soilfert purchased Rs 2.9 crore equity shares or 24.47 percent stake in Vijay Mallya-led Managalore Chemicals , becoming the largest shareholder.

Promoters hold 22 percent stake in the company as of March 2013.

The stock has rallied close to 84 percent in past one month from level of Rs 36.90 on June 12 to Rs 67.85 today.

At 11:42 hours IST, the stock was quoting at Rs 67.85 on the BSE. There were pending buy orders of 31,556 shares, with no sellers available.

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