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Kolkata , Oct. 15

THE BASF (India) stock on Wednesday moved up 2.6 per cent on substantial buying. The stock closed at Rs 143.90 on the BSE and at Rs 143.65 on the NSE. According to dealers, the stock was subject of attention of select operators.

The counter attracted a volume of 1.73 lakh shares on the Bombay Stock Exchange against an average daily traded quantity of 52,646 shares in last 10 trading sessions. On the National Stock Exchange, it had a volume of 2.67 lakh shares, of which 45.6 per cent was presented for delivery.

At today's closing price level, the stock traded at 13.4 times its trailing four quarter earnings per share.

The stock has moved up from a low Rs 90, of late. Its 52-week high is Rs 151, which was seen on September 2 on the news that United Phosphorus Ltd acquired Acifluorfen, a herbicide active ingredient, from its stable. According to Mr Ketan Thacker of Anagram Stockbroking, the current trigger is the expectation of a recovery in sales after a well-distributed monsoon. "In last four quarters, the company's net profit was on a decline because of drop in sales," he added. However, the results in the next few quarters are expected to be better.

The chemical company is a 52.7 per cent subsidiary of BASF AG of Germany and manufactures crop protection and nutrition products, tanning agents, dyes, leather chemicals & auxiliaries, textiles and speciality chemicals. Recently, the company has rationalised it product range and cost structure. It also has introduced some new products. The marketing infrastructure has also been revamped.

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