Fertiliser's shares in focus: RCF up over 5%

RCF, FACT, Madras Fertilisers, GSFC, GNFC, National Fertilisers, SPIC and Chambal Fertilisers were up 3%-9% on BSE.

Shares of fertilisers companies were trading higher by up to 9% on the bourses, extending their Friday’s gain, in an otherwise subdued market.

Rashtriya Chemicals & Fertilisers (RCF), Fertilisers & Chemicals Travancore (FACT) and Madras Fertilisers were up over 3% each, while Gujarat State Fertilizers & Chemicals (GSFC), Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), National Fertilisers, Southern Petrochemicals Industries Corporation (SPIC) and Chambal Fertilisers up 3%-4% on the BSE.

At 11:46 AM, the S&P BSE Sensex was up 0.12% or 29 points at 23,739.

RCF has rallied 7.5% to Rs 43.25, extending its previous day’s 7% rally on the BSE. According to PTI reports, State-run RCF is likely to get clearance from the Public Investment Board (PIB) for establishing a new urea plant at its current manufacturing facility at Thal in Maharashtra with an estimated investment of Rs 5,500 crore. CLICK HERE TO READ FULL REPORT.

National Fertilizers up 4% at Rs 29.35 after the company said its board accorded in principle approval for equity participation of 11% in the revival of Sindri unit of Fertiliser Corporation of India by investing the proceeds of sale of part of its land to Jharia Rehabilitation Development Authority (JHReDA), Jharkhand by forming joint venture with other PSUs having relevant experience.

Among the other individual stocks, Madras Fertilisers was up 9% at Rs 13.61, while SPIC and FACT up 4% each at Rs 20.75 and Rs 21.10, respectively.