Paradeep Phosphates shine on a down market day; zooms more than 5 per cent!

The shares of Paradeep Phosphates are seen soaring over 5 per cent on July 26. Meanwhile, its shares have climbed over 29 per cent in a one-month time period.

Very few stocks are seen gaining on July 26 when BSE Sensex is down by more than 200 points on an intraday basis. Paradeep Phosphates, a newly-listed company is one of them. The shares of Paradeep Phosphates are seen soaring over 5 per cent on July 26. Meanwhile, its shares have climbed over 29 per cent in a one-month time period.   

Paradeep Phosphates is the newly-listed company that made its debut in May 2022. From its listing price, the shares of Paradeep Phosphates have surged more than 16 per cent. In June, we saw some mutual funds purchase shares of Paradeep Phosphates.  

It is expected that the closure of Mangalore Chemical & Fertilizers Ltd (MCFL) plant can benefit Paradeep Phosphates. MCFL has announced the temporary closure of its 2,80,000 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’ 8,10,000 tonnes Goa plant is possible.    

The markets on Tuesday are trading with weakness even as Bajaj Finserv and Bajaj Finance were seen outperforming the markets. Currently, BSE Sensex is down by more than 200 points.