Shares of Mangalore Chemicals & Fertilizers surged over 7 per cent, hitting 52-week high, in early trade on Bombay Stock Exchange (BSE) after the Zuari Fertilisers hiked its stake in the company.
The Zuari Fertilisers, on Thursday, increased its stake to nearly 16 per cent in UB group firm where rival Deepak Fertilisers had picked up over 24 per cent equity.
Cheering the news, shares of the company gained as much as 7.59 per cent and touched 52-week high to trade at Rs 73.00 a piece on the BSE.
In a similar fashion, shares of the company rose 1.03 per cent to Rs 68.70 a piece on National Stock Exchange.
Meanwhile, the broader benchmark Sensex was quoting at 19,806.64, up 130.58 points or 0.66 per cent at 10:10 hours.