Buzzing stock: Newly listed Paradeep Phosphates hits a new all-time high!

In the last 1 month, the shares of this fertilizer company climbed over 25%.

The shares of Paradeep Phosphates are buzzing on the bourses today. In the morning hours of the trading session , the company’s shares are trading higher by more than 5%. In the last 1 month, the shares of this fertilizer company climbed over 25%. As against this, the frontline index S&P BSE Sensex climbed merely 5.71%.

The shares of Paradeep Phosphates got listed in May 2022. Since then, the share prices have appreciated by over 11%. A steeper climb in the latest one-month period was led by the purchase of the company’s shares by some mutual funds.

It is also being said that the company might benefit from the closure of the Mangalore Chemical and Fertilisers Ltd (MCFL) plant. To give a perspective, MCFL has announced a temporary closure of its 280000 MT DAP/NPK plant due to the non-availability of raw materials.

Few market participants believe that Paradeep Phosphates will gain because it competes with MCFL in the target markets and owing to MCFL plant closure, the faster utilisation of Paradeep Phosphates 810000 tonnes Goa plant is possible.

On July 21, the markets are trading with a positive bias. The frontline index BSE Sensex is up by more than 130 points in the morning trading session. The advance-decline ratio is clearly in favour of advances.

Today, the scrip opened at Rs 46.80 and has touched a high and low of Rs 49.90 and Rs 46.75, respectively. So far 16,92,954 shares have been traded on the bourses.

Paradeep Phosphates Limited (PPL) is one of India's largest private sector phosphatic players, producing a wide range of phosphatic grades. The company’s Goa plant also produces Urea and is a key supplier to the states of Maharashtra and Karnataka. The company is also a major supplier of various industrial products like Gypsum, Zypmite, HFSA (Hydrofluorosilicic Acid), Sulphuric Acid & Ammonia.

At 11.56 am, the shares of Paradeep Phosphates Ltd were trading at Rs 47, an increase of 0.75% from the previous day’s closing price of Rs 46.65 on BSE. The stock has a 52-week high & low of Rs 49.90 and Rs 37.45, respectively on BSE.