Nine fertiliser shares rose by 0.67% to 10.05% at 11:40 IST on BSE on reports the monsoon this year could be normal and bring 100% rainfall instead of 96% as predicted earlier.
Chambal Fertilisers & Chemicals (up 10.05%), Rashtriya Chemicals and Fertilisers (up 7.83%), Fertilisers & Chemicals Travancore (up 5.41%), National Fertilizers (up 2.63%), Zuari Global (up 2.30%), Coromandel International (up 2.14%), Tata Chemicals (up 2.09%), Gujarat State Fertilizers & Chemicals (up 2.02%) and Deepak Fertilisers & Petrochemicals Corporation (up 0.67%), edged higher.
The S&P BSE Sensex was up 229.94 points, or 0.77% at 30,163.19.
India looks likely to receive above average monsoon rainfall as concern over the El Nino weather condition has eased in the past few weeks, India Meteorological Department (IMD) Director General KJ Ramesh was quoted by the media yesterday, 9 May 2017, raising prospects of higher farm and economic growth.
The IMD on 18 April 2017 forecast this year's monsoon rains at 96% of a 50-year average of 89 cm. El Nino is a phenomenon associated with warming of ocean surface temperatures in the eastern and central Pacific that typically occurs every few years.
However, Ramesh reportedly denied the possibility that monsoon would be above normal this year. Anything between 96% and 104% of the long period average (LPA) is considered as normal. Anything under 96% is considered as below normal and 104-110% of the LPA as above normal.
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