Nagarjuna Fertilizers at 5% UC

Nagarjuna Fertilizers opened 5% higher at Rs.12.83 and was immediately frozen at this UC. With a market cap of Rs.770 crore, the stocks 52-week high and low stands at Rs.16.50 and Rs.8.61 respectively.

There is unconfirmed news that Murugappa group’s Coromandel International is in talks to buyout Nagarjuna Fertilisers.

Grapevine has it that the deal is likely to fetch Nagarjuna around Rs.3000 to 3600 crore. If Coromandel does manage to strike a deal, it will emerge as the largest fully integrated fertilizer maker of India.

This could be a good break for Nagarjuna which has been staring at losses consistently.

The negotiations have been going on for some time now and news is that no breakthrough has yet happened.