In the pre-Budget rally, always, fertilizer stocks are in the green as it is certain that this sector is sure to receive some sop or the other in the Budget. With agriculture and farmer being at the core of the Budget, all stocks in the fertilizer sector are today up.
Deepak Fertiliser, apart from the pre-Budget rally is up also on account of selling its land at Dahej for a consideration of Rs.99 crore.
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 adequate unutilized area in order to take care of any future expansion.
The stock price has reacted positively to this news and it has outperformed the sector by over 4%. It hit an intraday high at 117.80, rising 7.5%. It currently trades at Rs.115 levels.