On Thursday, shares of fertilizer firms soared up to 18% on the BSE in anticipation of additional fertilizer subsidies. The S&P BSE Sensex, in contrast, was down 0.76 % at 61,199 at 12:49 PM.
Various types of fertilizer will be subject to a 23.5% export levy by Russia, with a $450/tonne "cut-off price," according to reports in the media. According to the local Russian press, the obligation will take effect on January 1, 2023.
Following the news, these fertilizer company stocks rose:
Madras Fertilizers (MFL) surged 18 % to Rs 72.80.
Fertilizers & Chemicals Travancore (FACT) rallied 11 % to Rs 206
National Fertilizers (NFL) surged to 10 % to Rs 68.35,
Mangalore Chemicals & Fertilizers surged 10 % at Rs 90.80,
Khaitan Chemicals & Fertilizers surged 9 % at Rs 81.50
Rashtriya Chemicals & Fertilizers surged 8 % at Rs 142.45
The market prices for RCF, MFL, FACT, and NFL have increased by 38% and 60% on the BSE in the last month. In contrast, the S&P BSE Sensex gained less than 1%.
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