Meanwhile, the BSE Sensex was up 210.38 points, or 1.34%, to 15,949.08.

On BSE, 727 shares were traded in the counter as against an average daily volume of 4,191 shares in the past one quarter.

The stock hit a high of Rs 479 and a low of Rs 466.55 so far during the day. The stock had hit a 52-week low of Rs 441 on 20 December 2011. The stock had hit a 52-week high of Rs 738 on 5 January 2011.

The stock had underperformed the market over the past one month until 23 December 2011, sliding 8.37% compared with the Sensex's 0.25% rise. The scrip had also underperformed the market in past one quarter, falling 18.41% as against 2.62% fall in the Sensex.

The mid-cap fertiliser maker has an equity capital of Rs 29.44 crore. Face value per share is Rs 10.

According to reports, Zuari Industries' plan to buy a rock phosphate mine in Latin America will create an assured supply of raw material for making di-ammonium phosphate (DAP), a key farm nutrient.

Zuari's managing director, Suresh Krishnan was quoted by media as saying that this will be the firm's first acquisition of natural assets overseas. The mine's location and size of the deal will be announced once the purchase agreement is signed, he added.

Krishnan said the proposed mine has enough reserves to last 50 years and is expected to produce enough rock phosphate annually to produce 2 million tonnes of DAP and complex fertilisers.

Zuari Industries' net profit dropped 41.4% to Rs 47.64 crore on 9.5% decline in net sales to Rs 1890.95 crore in Q2 September 2011 over Q2 September 2010.

Zuari Industries is an agri-input company belonging to the KK Birla Group of companies. Established in 1967, the company manufactures complex fertilisers and other agricultural inputs.