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United Phosphorus gains as tribunal stays CCI penalty order against the firm

Capital Market/ 12:39 , Jul 24, 2012

United Phosphorus rose 1.28% to Rs 123.05 at 12:38 IST on BSE after the company said the Competition Appellate Tribunal has granted stay against Competition Commission of India's order whereby a penalty of Rs 252.44 crore was imposed on the company.

The company made this announcement during trading hours today, 24 July 2012.

Meanwhile, the BSE Sensex was up 44.44 points or 0.26% to 16,921.79.

On BSE, 1.07 lakh shares were traded in the counter as against average daily volume of 1.84 lakh shares over the past one quarter.

The stock hit a high of Rs 125.20 and a low of Rs 121.40 so far during the day. The stock had hit a 52-week high of Rs 170.60 on 1 August 2011. The stock had hit a 52-week low of Rs 105 on 4 June 2012.

The mid-cap stock had outperformed the market over the past one month till 23 July 2012, surging 6.58% compared with the Sensex's 0.56% fall. The scrip had, however, underperformed the market in past one quarter, sliding 4.74% as against Sensex's 1.28% fall.

The company has an equity capital of Rs 91.46 crore. Face value per share is Rs 2.

United Phosphorus had on 26 April 2012 said that the Competition Commission of India (CCI) has levied penalty of Rs 252.44 crore on the company for alleged violation of sections 3 (3) (b) and 3(3) (d) of the Competition Act, 2002. The company filed an appeal against the CCI order before the Competition Appellate Tribunal (COMPAT) in June 2012. At a hearing of the stay petition on 18 July 2012, COMPAT granted stay against the order of CCI on the condition that the company deposits 10% of the penalty amount with the Registrar of COMPAT within eight weeks. United Phosphorus said the company is now seeking further clarifications from COMPAT in this regard.

United Phosphorus' consolidated net profit rose 10.1% to Rs 202.91 crore on 19.7% growth in net sales to Rs 2180.34 crore in Q1 June 2012 over Q1 June 2011.

United Phosphorus is a global generic crop protection, chemicals and seeds company.

 



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