India's fertiliser, agro chemical stocks rise; monsoon progression, expected MSP hike in play

Gujarat Narmada Valley Fertilizers & Chemicals

07/06/2018 10:47

** Shares of Fertilisers and Chemicals Travancore Ltd
 FCTL.NS  surge as much as 15 pct to 53.60 rupees, highest since
May 2
    ** Gujarat Narmada Valley Fertilizers and Chemicals
 GNFC.NS  up as much as 4 pct, Coromandel International Ltd
 CORF.NS  rises as much as 4.7 pct, Rashtriya Chemicals and
Fertilizers Ltd  RSTC.NS  up as much as 3.5 pct, Mangalore
Chemicals and Fertilizers Ltd  MNGL.NS  rise as much as 5.6 pct
    ** Monsoon is progressing well at the moment, in line with
forecast, and also the government is expected to hike minimum
support price (MSP) for summer-sown crops like rice, cotton and
soybean this month. These factors are in play in the sector
where fertiliser and agro chemicals stocks stand to benefit, an
analyst from a domestic brokerage, who did not want to be
identified, said. 
    ** India's weather office last month retained its monsoon
forecast at 97 percent of a long-term average  urn:newsml:reuters.com:*:nL3N1T1586 
    ** India on Wednesday unveiled measures to help sugar mills
and arrest a slide in sugar prices including building a 3 mln
tonne stockpile of the commodity to soak up excess supply and
fixing a floor price at mill gate of 29 rupees/kg for refined
sugar  urn:newsml:reuters.com:*:nL3N1T83O6
    

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