Indian fertiliser stocks surge as import prices, input costs fall

Zuari Agro Chemicals

23/11/2022 09:43

** Shares of Indian fertiliser companies jump between 5% and
12%
    ** Prices of imports and of many key raw materials have also
fallen, which should benefit Indian companies, said A.K.
Prabhakar, head of research at IDBI Capital
    ** Shares of Rashtriya Chemicals and Fertilisers  RSTC.NS ,
Fertilisers And Chemicals Travancore  FCTL.NS , Madras
Fertilizers  MDFT.NS , National Fertilizers  NAFT.NS  rose
between 9.55% to 11.5%
    ** Rama Phosphates  RMPH.NS , Zuari Agro Chemicals
 ZUAR.NS , Gujarat State Fertilizers  GSFC.NS , Southern
Petrochemical Industries Corp  SPIC.NS  and Gujarat Narmada
Valley Fertilizers & Chemicals  GNFC.NS  up between 5% and 6.5%
    ** Russia for the first time became the India's top
fertilizer in H1 of 22/23, by offering discounts over prevailing
global prices, Reuters reported on Monday
    ** Indian companies import fertilisers from overseas,
rebrand and sell in domestic market
    ** India allows companies to fix retail prices but, to
ensure farmers are not hit by a rally in global prices, New
Delhi provides a subsidy to fertiliser companies
    ** In August, Indian govt said all fertilizer companies
would have to implement new branding by Sept. 15
 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))