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

Deepak Fertilizers

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.

“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.

News Source: Moneycontrol

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