India's Mangalore Chemicals jumps on merger with Pradeep Phosphates

Mangalore Chemicals and Fertilisers

08/02/2024 04:41

** Shares of Mangalore Chemicals and Fertilisers  MNGL.NS 
rise 8.1% to 130 rupees
    ** Co snaps eight consecutive sessions of fall
    ** Fertiliser-maker said on Wednesday it approved scheme of
merger with Paradeep Phosphates  PRAO.NS 
    ** PRAO to pay a consideration worth 5.65 bln rupees ($68
million)
    ** Paradeep shares up 2% at 78 rupees
    ** More than 2.6 mln shares of MNGL change hands, 1.8x its
30-day avg
    ** MNGL gained ~19% in Jan., its best monthly gain since
March



($1 = 82.9300 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))