Fertilizer shares rally after Govt announces fertilizer subsidy for farmers

Shares of seven fertilizer companies rose by 0.87% to 6.56% after Finance Minister Nirmala Sitharaman on Thursday announced a Rs 65,000-crore fertilizer subsidy for farmers as part of her stimulus package to boost the economy.

Mangalore Chemicals & Fertilizers (up 6.56%), Fertilizers & Chemicals Travancore (up 3.63%), Deepak Fertilisers & Petrochemicals (up 2.24%), Rashtriya Chemicals & Fertilizers (up 1.89%), National Fertilizers (up 1.21%), Tata Chemicals (up 1.22%) and Zuari Agro Chemicals (up 0.87%) advanced.

Addressing the press conference in New Delhi today, Finance Minister Nirmala Sitharaman said Rs 65,000 crore is being provided to ensure adequate availability of fertilisers to farmers and to enable timely accessibility of fertilisers in the upcoming crop season.

She said an additional outlay of Rs 10,000 crore will be provided for PM Garib Kalyan Rozgar Yojana in the current financial year. This, she said, will accelerate growth of the rural economy.

Sitharaman further said Rs 3,000 crore will be released to EXIM Bank for promotion of 'Project Exports' through lines of credits.

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