India's fertiliser stocks gain as govt eyes multi-year import deal with Russia

Madras Fertilizers

04/02/2022 05:02

** Shares of fertiliser companies Rashtriya Chemicals and
Fertilizers Ltd  RSTC.NS , National Fertilizers Ltd  NAFT.NS ,
Madras Fertilizers Ltd  MDFT.NS , Fertilisers And Chemicals
Travancore  FCTL.NS  rise as much as between 1.7% and 4.5%
    ** The Indian govt is in talks on multi-year fertiliser
import deal with Russia, Reuters reported on Thursday
 urn:newsml:reuters.com:*:nL4N2UC26X
    ** RSTC, NAFT, MDFT and FCTL are expected to sign a 3-year
deal for di-ammonium phosphate, potash and complex fertilisers
with Russian companies, the report said
    ** Last year, some Indian states faced shortages of
fertilisers after export restrictions by China and a record
surge in global prices
    ** India is a top importer of urea and other soil nutrients
required to feed its huge agriculture sector, which employs
about 60% of the country's workforce
    ** The deals would help companies in securing supplies at
lower price that will keep retail prices under check 
    ** India allows companies to fix the retail price of
fertilisers. But to ensure that farmers are not hit by a rally
in global prices, New Delhi provides a subsidy to fertiliser
companies

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))