India's Rashtriya Chemicals up after govt grants "Navratna" status

Rashtriya Chemicals and Fertilizers

29/08/2023 07:52

** Shares of Rashtriya Chemicals and Fertilizers  RSTC.NS 
rise as much as 5.54% to a seven-month high of 128.90 rupees
    ** Uptick after the government grants "Navratna" status to
the fertilizer maker, making it the 15th company to get the
designation
    ** "Navratna" companies are state-owned firms with enhanced
financial autonomy, and are allowed to invest up to 10 bln
rupees without seeking government approval
    ** Trading volume is 15.93 mln shares as of 12:08 p.m. IST,
3.5 times the 30-day avg - Refinitiv data
    ** Relative strength index rises above 70 on Tuesday,
suggesting the stock may be overbought
    ** With day's gains, RSTC cuts YTD losses to 4.65%

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