Shares of fertiliser companies were in demand a day ahead of the Union Budget on hopes of sops for the sector with the likes of National Fertilisers Limited (NFL) and Rashtriya Chemicals & Fertilizers (RCF) soaring up to 13 per cent in an otherwise range-bound market.
The key stakeholders from agri sector, in the pre-Budget consultation with the finance minister Nirmala Sitharaman had put forward several proposals, including rationalisation of fertiliser subsidies and a hike in investment for agricultural research.
The experts from agriculture sector, suggested that all agriculture-related subsidies could be consolidated for transfer through Direct Benefit Transfer (DBT). They also recommended increasing the retail price of urea, which has remained unchanged since 2018.
Finance minister Nirmala Sitharaman will be presenting her seventh consecutive Budget tomorrow, July 23, 2024.
Among individual shares, National Fertilizers hit a fresh 52-week high at Rs 164.95, and quoted with a gain of 12 per cent at Rs 162.60. The counter has seen trades of around 12.40 lakh so far on the BSE as against the 2-week average volume of around 16.13 lakh shares.
RCF stock hit a high of Rs 241, and was up 11.7 per cent at Rs 239. Around 12.12 lakh shares changed hands at the counter as against the 2-week average volume of around 12 lakh shares on the BSE.
In comparison, the S&P BSE Sensex was quoting flat around 80,600 levels, as of 11:55 AM; having recovered from the early morning low of 80,100.
Among others, Madras Fertilisers zoomed 10 per cent. Southern Petrochemicals (SPIC), Fertilizers & Chemicals Travancore (FACT), Chambal Fertilisers, GSFC, Mangalore Chemicals & Fertlizers and Nagarjuna Fertilizers and Chemicals were up 5 – 7 per cent each.
First Published: Jul 22 2024 | 12:15 PM IST
