 "RCF share price rallies 8% on awarding Rs 1,000-crore order to L&T; details")
RCF share price: Rashtriya Chemicals & Fertilizer Ltd (RCF) shares were in demand on October 10, 2024, as the scrip rallied as much as 8.01 per cent to hit an intraday high of Rs 184.90 per share.
The RCF share price surged after the company announced that it has awarded an order of a little over Rs 1,000 crore to L&T Energy Hydrocarbon division of L&T.
In an exchange filing, RCF said, “We hereby inform that the Board of Directors of the Company at its meeting held today i.e. October 9, 2024 has accorded its approval for placement of purchase order on Larsen & Toubro Ltd for setting up of 1,200 MTPD (DAP basis) complex fertiliser plant on LSTK basis at RCF, ThaI.”
Under the terms of order, L&T will be responsible for setting up of 1,200 MTPD complex fertiliser plant on LSTK Basis at RCF, ThaI.
The order needs to be executed in 27 months, RCF said in a statement.
Rashtriya Chemicals and Fertilizers Limited (RCF) engages in the manufacture and sale of fertilisers and industrial chemicals. RCF offers a diverse range of products, including urea, complex fertilisers, bio-fertilisers, micro-nutrients, water-soluble fertilisers, soil conditioners, and various industrial chemicals. One of its notable products is Biola, a bio-fertilizer designed to enhance soil structure and texture by solubilizing fixed phosphorus.
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Established in 1978 following the reorganisation of the Fertilizer Corporation of India, RCF is now the fourth-largest urea producer in the country, trailing behind IFFCO, NFL, and KRIBHCO.
The company operates from two main units including Trombay in Mumbai and Thal in Raigad district. Its registered office is located at Priyadarshini, Eastern Express Highway Sion, Mumbai, Maharashtra.
The Government of India holds a 75 per cent stake in RCF, reflecting its major role in the national agricultural sector.
At 9:55 AM, RCF shares were trading 7.78 per cent higher at Rs 184.30 per share. In comparison, BSE Sensex was trading 0.13 per cent higher at 81,570.48 levels.