Fertilizer stocks nudge higher on FM's thrust on agri sector

Most fertilizer stocks nudged higher at 11:40 IST on BSE after the finance minister Arun Jaitley in his Budget speech laid the government's thrust on agriculture.

Gujarat State Fertilizers & Chemicals (up 1.87%), Deepak Fertilizers & Petrochemicals Corporation (up 1.68%), Gujarat Narmada Valley Fertilizers & Chemicals (up 1.63%) and Coromandel International (up 0.85%) edged higher. Chambal Fertilisers & Chemicals (down 0.75%) declined.

Meanwhile, the S&P BSE Sensex was up 167.83 points or 0.47% at 36,132.85.

Jaitley, in his Budget speech for FY 2019 said that the government will create a mechanism, that is expected to double the income of farmers by the year 2022. The focus is on low-cost farming, higher minimum support price (MSP). The MSP of all crops shall be increased to at least 1.5 times that of the production cost, FM said. Agri-Market Development Fund with a corpus of Rs 2000 crore to be set up for developing agricultural markets, he added. Jaitley proposed to raise institutional credit for agriculture to Rs 11 lakh crore for FY 2019.

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