Shares of five fertiliser companies were up 1.8% to 10% at 14:47 IST on reports that fertiliser ministry has prepared a roadmap for rationalisation of subsidy for the sector.
National Fertilizer was locked at 10% upper circuit at Rs 44.90 on BSE. Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) was up 6.9% at Rs 101.50. Chambal Fertiliser & Chemicals was up 5.4% at Rs 52.50. Gujarat State Fertilizers & Chemicals (GSFC) was up 4.6% at Rs 79.55. Tata Chemicals was up 1.8% at Rs 314.55.
The market buzz was also that the government will soon clear its 2013/14 outstanding subsidy payments for the fertilizer sector, estimated at more than Rs 35000 crore.
Shares of Rashtriya Chemicals and Fertilizers (RCF) were up 5.5% at Rs 58.75. With reference to the news item appearing in the media dated 4 June 2014 titled "the company is in advanced talks to acquire a gas plant in Middle East", Rashtriya Chemicals and Fertilizers today, 4 June 2014, said that there is no plan by the company to acquire any gas plant in Middle East or any other place. RCF further said that the company is looking at possibilities of joint ventures abroad for making fertilisers with cheaper gas available. The talks are at very preliminary stage and no concrete understanding has been reached, RCF said.
Powered by Capital Market - Live News
