Indian fertiliser stocks gain as govt likely to consider subsidy hikes

Madras Fertilizers

13/04/2022 05:17

** Shares of fertiliser companies Fertilisers And Chemicals
Travancore  FCTL.NS , Madras Fertilizers  MDFT.NS , National
Fertilizers  NAFT.NS  and Rashtriya Chemicals and Fertilizers
 RSTC.NS  rise between 2.6% and 5.8%
    ** India's cabinet is likely to consider raising the
country's fertiliser subsidy at a meeting on Wednesday,
government sources said on Tuesday urn:newsml:reuters.com:*:nFWN2WA0NU
    ** India needs to raise the subsidy because of a sharp
increase in the price of crop nutrients in global markets and
rising energy costs, the sources said
    ** 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
    ** Last year, some Indian states faced shortages of
fertilisers after export restrictions by China and a record
surge in global prices
    

 (Reporting by Chandini Monnappa in Bengaluru)
 ((Chandini.M@thomsonreuters.com; 910867497919;))