Chemical fertilizers stocks fell 1.58% to 4.88% after FM announced intent to help farmers to cut fertilizer use in farming.
Fertilizers & Chemicals Travancore (down 4.88%), Chambal Fertilisers (down 3.43%), Rashtriya Chemical Fertilizers (down 2.88%), Madras Fertilizers (down 2.61%), Deepak Fertilisers (down 2.2%), National Fertilizer (down 2.11%) and Gujarat State Fertilzers and Chemicals (down 1.58%) were top losers in Fertilizers segment.
Union finance minister Nirmala Sitharaman while presenting the Union Budget 2020-21 today, 1 February 2020 said that farm markets need to be liberalised. The government is committed to doubling farmers' income by 2022, she added.
Fertilizers stocks witnessed heavy selling pressure after FM Nirmala Sitharaman in Union Budget said that we will encourage balanced use of all fertilizers, a necessary step to change the incentive regime which encourages excessive use of chemical fertilizers.
The government proposes plans to help farmers use proper manure and little water, encourage balanced use of fertilizers, she said in her Budget speech.
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