Indian fertiliser cos rise after govt hikes subsidy for phosphate-based fertiliser

Gujarat State Fertilizers & Chemicals

20/05/2021 06:14

** Shares of Indian fertiliser companies gain after the
central government said it would hike the subsidy for diammonium
phosphate (DAP) fertiliser by 140%  urn:newsml:reuters.com:*:nFWN2N60V2   
    ** Govt to increase the subsidy for DAP fertiliser to 1,200
rupees ($16.41) per bag from 500 rupees, so as to bring down
retail prices of the fertiliser
    ** Despite the rise in international market prices of DAP,
it has been decided to continue selling it at the older price of
1,200 rupees and the central government has decided to bear all
the burden of price hike - govt statement https://bit.ly/3f7OS25
  
    ** Shares of Gujarat State Fertilizers and Chemicals Ltd
 GSFC.NS , Rashtriya Chemicals and Fertilizers Ltd  RSTC.NS ,
Chambal Fertilisers and Chemicals Ltd  CHMB.NS  and National
Fertilizers Ltd  NAFT.NS  gain as much as between 6% and 10.4%  
    ** Up to Wednesday's close, GSFC stock up 63.3% YTD, RSTC up
50.8% YTD, CHMB up 24.9% YTD, NAFT up 74.1% YTD    

    ($1 = 73.1460 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))