Fertiliser stocks soar in falling market

Stocks of fertiliser companies today surged as much as 10 per cent on the Bombay Stock Exchange following the signing of gas sales and transportation contracts between Reliance Industries (RIL) and 12 fertiliser firms on Friday.

Among the major gainers, National Fertiliser rose over 10 per cent to touch an intra-day high of Rs 35.70 and Rashtriya Chemical Fertiliser jumped 10.32 per cent to see a day's high of Rs 40.60 on the BSE.

On March 27, RIL signed gas sales and transportation contracts with 12 fertiliser firms who have been chosen to receive the first produce from the company's eastern offshore KG-D6 fields.

Similarly, shares of Gujarat State Fertilisers & Chemicals soared 4.46 per cent to touch a day's high of Rs 91.20 on the BSE and Nagarjuna Fertiliser surged 7.84 per cent to witness an intra-day high of Rs 18.55.

Other major gainers in this segment included Chambal Fertiliser, Deepak Fertiliser, Gujarat Narmada, which moved up by 7.58 per cent, 4.77 per cent and 4.42 per cent, respectively over their previous days's closing prices.