Deepak Fertilisers sells industrial land in Dahej for Rs99.2cr; stock soars 5%

The company said in the filing that, the Deed of Assignment was executed in December 2019, and the transfer order from Gujarat Industrial Development Corporation was received accordingly.

Jan 14, 2020 06:01 IST India Infoline News Service

Deepak Fertilisers
Shares of Deepak Fertilizers soared 5% in the afternoon session after the company has divested one of its plots of industrial land in Dahej as part of the strategy to divest non-core assets, for a total transaction value of Rs99.2cr.

The company said in the filing that, 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.

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

Stock view:
Deepak Fertilizers & Petrochemicals Corp Ltd is currently trading at Rs115.40, up by Rs5.75 or 5.24% from its previous closing of Rs109.65 on the BSE.

The scrip opened at Rs109.85 and has touched a high and low of Rs117.80 and Rs109.65 respectively.

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