Fertiliser stocks rallied after the media reported that China will lift curbs on exports of fertilizers, rare earths, and tunnel boring machines (TBMs) to India, with gains ranging from 0.13% to 5.05%.
Leading movers included: Zuari Agro Chemicals (up 5.05%), Fertilisers & Chemicals Travancore (up 3.54%), Chambal Fertilisers & Chemicals (up 3.47%), Rashtriya Chemicals and Fertilisers (up 3.26%), Gujarat State Fertilizers & Chemicals (up 3.16%), National Fertilizers (up 2.37%), Deepak Fertilisers & Petrochemicals Corporation (up 0.80%), and Tata Chemicals (up 0.13%).The move follows a positive bilateral development wherein Chinese Foreign Minister Wang Yi assured External Affairs Minister S. Jaishankar that China would resume supplies of fertilizers, rare earth minerals, and TBMs as ties normalize. It is understood that Jaishankar had raised the issue of supplies of urea, NPK, DAP, rare earths, and TBMs during his visit to China last month.
China's agreement to resume these exports is significant given that Beijing had restricted such shipments for nearly a year. China accounts for a substantial share of India's fertilizer imports, estimated at roughly 30%, and is a key supplier of rare earths for auto components and TBMs used in road and urban infrastructure projects.
Jaishankar expressed confidence that the discussions will help build a stable, cooperative, and forward-looking India-China relationship that serves mutual interests while addressing key concerns.
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