Fertiliser stocks gain up to 5%

The hike in urea prices is part of the Fertiliser Ministry's proposal.

Fertiliser stocks such as Rashtriya Chemicals and Fertilisers and Deepak Fertilisers today gained as much as 5 per cent after the government raised the retail prices of urea marginally by Rs 50 to Rs 5,360 per tonne.

Deepak Fertilisers shares gained 5.14 per cent to Rs 140.2,while Rashtriya Chemicals and Fertilizers surged 4.53 per cent to Rs 58.85 on the BSE.

Among others,Chambal Fertilisers was up 2.73 per cent,National Fertilisers surged 4.29 per cent,Zuari Global (0.85 per cent) and Coromandel International (1.05 per cent).

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“Fertiliser stocks were up on the urea price hike news,” Alex Mathews,Head Research,Geojit BNP Paribas Financial Services said.

The government today raised the retail price of urea marginally by Rs 50 per tonne to Rs 5,360 per tonne to incentivise the retailers to provide sales receipts of crop nutrients to the Centre.

The decision to increase the margin of retailers is aimed at helping the government to gradually move towards providing direct cash subsidy to farmers.

The hike in urea prices is part of the Fertiliser Ministry’s proposal to modify the procedure for release of fertiliser subsidy. The proposal was approved by the Cabinet Committee on Economic Affairs (CCEA) today.

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