Shares of 10 fertiliser companies rose by 0.52% to 11.07% at 10:55 IST on BSE on anticipation of strong demand of fertilisers during the first half of financial year ending March 2018.
Rashtriya Chemicals and Fertilisers (up 11.07%), Chambal Fertilisers & Chemicals (up 4.67%), Fertilisers & Chemicals Travancore (up 3.85%), Gujarat State Fertilizers & Chemicals (up 2.33%), National Fertilizers (up 2.31%), Coromandel International (up 0.68%), Tata Chemicals (up 0.67%), Zuari Global (up 0.53%) and Deepak Fertilisers & Petrochemicals Corporation (up 0.52%), edged higher.
Meanwhile, the S&P BSE Sensex was down 16.76 points, or 0.05% to 32,558.41.
According to media reports, demand for fertilisers during the first half of financial year ending March 2018 (H1 FY18) is likely to witness good recovery due to satisfactory progress shown by monsoon leading to growth in Kharif sowing.
ICRA Corporate Ratings reportedly said that given the subdued raw material prices and satisfactory progress of monsoon, urea players should see stable profitability while non-urea players will see their moderation in profits due to the inverted duty structure under goods and services tax (GST) in FY18.
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