 "Fertiliser shares gain as cabinet clears subsidy dues")
Shares of fertiliser companies are trading higher in early morning deals in otherwise weak market on reports that the Cabinet Committee on Economic Affairs (CCEA) has approved an Rs 4,800 crore subsidy for the sector.
National Fertilisers, Rashtriya Chemicals and Fertilisers, Chambal Fertilisers and Coromondel International are trading higher in the range of 1-2% on the Bombay Stock Exchange. The benchmark S&P BSE Sensex was down 0.54% at 0920 hours.
The government has decided ‘in-principle’ to extend Rs 4,000 crore easy loans from state-run banks to be set off against subsidy payment, the Financial Chronicle report suggests.
Banks would be advised by the government to provide liquidity support to fertilizer companies against subsidy payments to be made by the government in future, added report.
National Fertilisers, Rashtriya Chemicals and Fertilisers, Chambal Fertilisers and Coromondel International are trading higher in the range of 1-2% on the Bombay Stock Exchange. The benchmark S&P BSE Sensex was down 0.54% at 0920 hours.
The government has decided ‘in-principle’ to extend Rs 4,000 crore easy loans from state-run banks to be set off against subsidy payment, the Financial Chronicle report suggests.
Banks would be advised by the government to provide liquidity support to fertilizer companies against subsidy payments to be made by the government in future, added report.
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