GSFC Shares Touch Lifetime High After Vadodara Plant Starts Production
The new manufacturing plant added annual capacity of 1.32 lakh MT of ammonium sulphate, the company said.
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%.
