India's fertiliser stocks climb as government seeks to raise subsidies

Rashtriya Chemicals and Fertilizers

06/12/2023 09:23

** Shares of state-owned fertiliser companies like Chambal
Fertilisers and Chemicals  CHMB.NS , National Fertilizers
 NAFT.NS , Fertilizers and Chemicals Travancore  FCTL.NS  and
Rashtriya Chemicals and Fertilizers  RSTC.NS  climb between 6.5%
and 12.5% on the day
    ** Indian government seeks parliament's approval to spend
additional 133.51 billion rupees ($1.60 billion) for fertiliser
subsidy for current fiscal year 
    ** Additional fertiliser subsidies to raise the total
subsidy for fiscal 2024 by 8% year-on-year to 1.88 trillion
rupees
    ** Rise in subsidy will likely help fertiliser companies'
volume growth, according to two analysts


($1 = 83.3206 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))