Shares of four fertiliser makers fell by 1.14% to 1.40% after Union Chemicals & Fertilisers Minister Mansukh Mandaviya reportedly said that the government will not allow fertiliser firms to raise prices of crop nutrients during the winter season.
Chambal Fertilisers & Chemicals (down 1.40%), Rashtriya Chemicals & Fertilizers (down 0.39%), Coromandel International (down 0.99%) and National Fertilizers (down 1.14%), declined.
As per media reports, Mandaviya on Tuesday said there is no shortage of crop nutrients in the country and asserted that there will be no hike in the prices of non-urea products.
The minister also said that Nutrient Based Policy (NBS) for Phosphatic and Potassic (P&K) fertilisers for the Rabi season (October 2022 to March 2023) will be announced shortly.
"We will not allow any increase in retail prices of DAP (Di-ammonium Phosphate) and other non-urea fertilisers," Mandaviya reportedly said, adding that the government would reportedly absorb the burden of high global prices.
Earlier, the minister had reportedly projected that the government's fertiliser subsidy would be between Rs 2.25-2.5 lakh crore this fiscal as against Rs 1.62 lakh crore in the last financial year.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app