Shares of two urea makers fell 0.5% to 0.92% at 11:44 IST on BSE, amid volatility after the Union Cabinet yesterday, 13 May 2015, gave its approval to a comprehensive New Urea Policy 2015 for the next four financial years.
Rashtriya Chemical & Fertilisers (down 0.5%) and Fertilizers & Chemicals Travancore (down 0.92%) edged lower. Deepak Fertilisers & Petrochemicals Corporation (up 0.59%) edged higher.
Shares of Chambal Fertilisers & Chemicals were unchanged at Rs 63.50. The stock hit a high of Rs 64.75 and a low of Rs 63.15 so far during the day.
Shares of Madras Fertilizers were unchanged at Rs 15. The stock hit a high of Rs 16.10 and a low of Rs 14.55 so far during the day.
Meanwhile, the S&P BSE Sensex was down 151.96 points or 0.56% at 27,099.14.
The New Urea Policy 2015 has multiple objectives of maximizing indigenous urea production and promoting energy efficiency in urea units to reduce the subsidy burden on the Government, a statement from the Ministry of Chemicals & Fertilizers said. Farmers, the urea industry and Government of India would benefit from the New Urea Policy, the statement said. The movement plan for urea would continue to be given by the Government every month to urea suppliers, to ensure its timely and adequate availability, in all parts of the country, the statement added.
The MRP of urea for the farmers has been kept the same at Rs 268 per bag of 50 kgs. excluding local taxes. Farmers have to pay an additional price of only Rs 14 per bag of neem coated urea.
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