GSFC Shares Touch Lifetime High After Vadodara Plant Starts Production

Shares of Gujarat State Fertilizers & Chemicals Ltd. jumped over 11% to a record high on Tuesday after its ammonium sulphate manufacturing plant in , Gujarat's Vadodara started production.

The new manufacturing plant added annual capacity of 1.32 lakh MT of ammonium sulphate, an exchange filing said.

Shares of the company rose as much as 11.72%, the highest since its listing on BSE on Sept. 26, 1996, before paring gains to trade 7.61% higher as of 12:46 p.m. This compares to a 0.89% advance in the NSE Nifty 50.

The stock has risen 103.91% in 12 months. Total traded volume so far in the day stood at 3.8 times its 30-day average. The relative strength index was at 73.14, implying that the stock may be overbought.

Both the analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 7.3%.