Coromandel International jumps 6% on MoU with Saudi Arabia's Ma'aden

Coromandel International share price: Shares of fertiliser company Coromandel International surged around 6 per cent on Friday after it announced the signing of an MoU with Saudi Arabian mining company Ma’aden for long-term supply of Di-Ammonium Phosphate (DAP) and NP/NPK fertilisers. 

 

At 10:23 AM on Friday, Coromandel International’s stock was quoting at ₹2,126.20, up 6.06 per cent on the National Stock Exchange (NSE). In comparison, the benchmark Nifty50 index was trading at 22,843.50, up 444.35 points or 1.98 per cent.

 

"Over the years Coromandel and Ma’aden have fostered a long-standing partnership, with Ma’aden playing a vital role as a trusted supplier of ammonia to Coromandel," the company said in a statement. 

 

 

According to the company, the new agreement marks a significant milestone in expanding the collaboration, ensuring a reliable and sustainable supply of essential fertilisers to support Indian agriculture.

 

"In recent times, DAP availability in India has been impacted due to global supply disruptions. This strategic partnership with Ma’aden is a natural extension of our longstanding relationship and will help Coromandel ensure timely availability of DAP and complex fertilisers to the Indian farming community,” said  Narayanan Vellayan, director of strategic sourcing at Coromandel International. 

 

Saud Al Tamimi, director of fertiliser sales commercial, phosphate business unit at Ma’aden said that the company has been the largest supplier of phosphate fertilisers to India for over a decade. The company is expanding its production capacity from 6 million tonnes to 9 million tonnes in the near term to serve the growing needs of India’s agriculture sector.

 

Both leaders highlighted the need to expand the partnership beyond phosphates and raw materials, focusing on collaborative efforts in R&D, innovation, and speciality products to advance sustainable farming practices. 

 

In its March 2025 quarter earnings preview of agriculture and fertiliser companies, Elara Securities assigned an “Accumulate” rating to Coromandel International stock. The brokerage has a target price of ₹2,317, expecting a 15.5 per cent upside. 

 

Coromandel International's stock history

The stock touched a 52-week high of ₹2,145 on April 11, 2025. The company’s total market capitalisation stood at ₹62,599.91 crore. On a year-to-date basis. The stock has surged around 13 per cent compared to a 4 per cent decrease in the Nifty50 index.