Rashtriya Chemicals soars on subsidy clearance

DALAL STREET SPIKES

Rashtriya Chemicals & Fertilizers (RCF) rose 5.06 per cent to Rs 68.34 as it was a beneficiary of the fertiliser ministry’s decision to set aside Rs 22,000 crore in cash as a fertiliser subsidy.

The government will pay a total subsidy of Rs 54,000 crore in the next three months, thereby reducing cash-flow problems for the fertiliser companies. The shares of RCF opened 2.5 per cent higher at Rs 66.70 and made an intraday high/low of Rs 69.25/Rs 64.75. The total traded quantity was 11,82,696 shares vis-à-vis the two week average of 10,74,074 shares.