Shares of National Fertiliser (NFL) surged 9% to a 52-week high of Rs 82.79 in intraday trade on Wednesday in heavy volume on hopes of improving earnings.

Shares of the state-owned fertiliser company, mainly in urea manufacturing, surpassed its previous high of Rs 82.40, touched on December 19, 2022. It has rebounded 51% from February lows of Rs 55.

It was quoted 7% higher at Rs 81.34 at 12:15 pm, while the S&P BSE Sensex gained 0.16%. Year-to-date, average trading volume on the NSE and BSE has increased nearly 10-fold, with about 14.35 million shares (or 3% of the NFL’s total share capital) changing hands.

The Government of India (GoI) holds a 74.71% stake in the company. The GoI wants to divest 20% of the NFL through a sale offer. The Department of Investment and Public Asset Management (DIPAM) has invited legal advisors, commercial bankers and brokers for advice.