 "Deepak Fertilisers surges on government's approval to release subsidy")
Deepak Fertilisers & Petrochemicals Corporation has surged 8% to Rs 167 on the BSE in early morning trade after the company announced that the Ministry of Chemicals and Fertilizers has agreed to release about Rs 485 crore outstanding subsidy payment to the company.
The Department of Fertilizers (DoF), Ministry of Chemicals and Fertilizers, has been withholding subsidy claims due to the company in accordance with applicable Nutrient Based Subsidy [NBS] scheme of the Government of India, since June, 2014 amounting to Rs 795 crore as on March 31, 2016.
“The company had since challenged the said withholding before Hon'ble Bombay High Court and the department has now informed commencing the release of all subsidy arrears except an amount of Rs 310.52 crore in the interim,” Deepak Fertilisers said in a statement.
This part withholding is already under Hon'ble Court's purview for final award, it added.
At 09:21 AM, the stock was up 6% at Rs 164 on the BSE. The trading volumes on the counter more than doubled with a combined 213,872 shares changed hands on the BSE and NSE so far.
The Department of Fertilizers (DoF), Ministry of Chemicals and Fertilizers, has been withholding subsidy claims due to the company in accordance with applicable Nutrient Based Subsidy [NBS] scheme of the Government of India, since June, 2014 amounting to Rs 795 crore as on March 31, 2016.
“The company had since challenged the said withholding before Hon'ble Bombay High Court and the department has now informed commencing the release of all subsidy arrears except an amount of Rs 310.52 crore in the interim,” Deepak Fertilisers said in a statement.
This part withholding is already under Hon'ble Court's purview for final award, it added.
At 09:21 AM, the stock was up 6% at Rs 164 on the BSE. The trading volumes on the counter more than doubled with a combined 213,872 shares changed hands on the BSE and NSE so far.
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