Indian fertiliser stocks surge on reports of proposal to remove tax

Gujarat State Fertilizers & Chemicals

19/06/2024 06:26

** Shares of Indian fertiliser companies surge on media
reports a committee nominated by the Goods and Services Tax
(GST) council has suggested the removal of fertiliser from the
GST ambit
    ** GST council will meet on June 22
    ** Removal of GST reduces cost of fertilisers, boosts sales
    ** Rashtriya Chemicals  RSTC.NS , Fertiliser and Chemicals
Travancore  FCTL.NS , Chambal Fertilisers  CHMB.NS , National
Fertilizers  NAFT.NS , Gujarat State Fertilizers  GSFC.NS ,
Madras Fertilizers  MDFT.NS  and Zuari Industries  ZURI.NS  up
between 7% and 2.5%
    ** ZURI top gainer among fertiliser stocks YTD, up ~68%,
while Madras Fertilizers top drag, down ~9%


 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))