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Fertiliser stocks pare gains as govt defers urea price hike

The companies rallied by up to 6% in the morning trade

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Press Trust of India Mumbai

Shares of fertiliser companies which rallied by up to 6% in the morning trade gave up most of their gains as the government deferred the Fertiliser Ministry's proposal to hike retail prices of urea by 10% for 2012-13 fiscal.

National Fertilisers which gained nearly 6% in morning session pared most of the gains and was trading 0.67% up at Rs 83.20 on the BSE in afternoon trade.

Rashtriya Chemicals & Fertilizers also trimmed its initial gains and was quoting 0.60% higher, while Coromandel International was trading 0.42% up.

Among others, Chambal Fertilisers & Chemicals slipped 0.59% after gaining over 4% in the morning trade.

The government today deferred the Fertiliser Ministry's proposal to hike retail prices of urea by 10% to Rs 5,841 per tonne for the 2012-13 fiscal.

Urea is the only fertiliser that remains under full price control. Its current retail price is Rs 5,310 per tonne.

The proposal to hike urea prices was made to redress imbalanced use of soil nutrient and reduce the subsidy burden of the government.

 

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First Published: Jun 14 2012 | 2:51 PM IST

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