Fertiliser shares rally in weak market; MFL, NFL, RCF surge up to 18%

In the past one month, the market prices of RCF, MFL, FACT and NFL have surged in the range of 38 per cent to 60 per cent on the BSE

Shares of fertilisers companies zoomed up to 18 per cent on the BSE in Thursday's intra-day trade amid heavy volumes on expectations of additional fertiliser subsidies. In comparison, the S&P BSE Sensex was down 0.76 per cent at 61,199 at 12:49 PM.

According to media reports, Russia will impose an export duty of 23.5 per cent on all types of fertilizer with a "cut-off price" set at $450/tonne. The duty will come into force from 1 January 2023, according to local Russian media.

Following the news, Madras Fertilizers (MFL) surged 18 per cent to Rs 72.80 on the