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Economic Times | 30 Jul, 2021 | 01.06PM IST
Stock Market LIVE Updates: Fertiliser stocks rally up to 10%. Tech Mahindra leads IT pack, up 9%. Broader markets outperform. Ashok Leyland jumps 4%. Bank stocks weak
Sensex and Nifty were trading higher on Friday, on track for the third straight monthly gain. Ashok Leyland and TVS Motor led auto stocks higher while Tech Mahindra lifted IT scrips on strong earnings. Top Nifty gainers included Tech Mahindra, Adani Ports, M&M, HCL Tech and Power Grid while laggards included SBI, SBI Life, UPL and Bajaj Finserv. Key companies reporting quarterly results today include Indian Oil Corp, Bandhan Bank, JSW Energy, Bharat Heavy Electricals, Marico and Britannia Industries.
Fertilizer stocks on a roll. Here s why
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Rashtriya Chemicals & Fertilisers gained 10 per cent to Rs 87.95. FACT and Madras Fertilizers advanced 9 per cent to Rs 146.70 and Rs 33.75, respectively.
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New Delhi: Shares of domestic fertilizer producers were on a roll on Friday as China asked some key fertiliser firms to suspend exports to the world.
According to Reuters, some of China s key fertilizer companies said they would temporarily suspend exports to assure supply in the domestic market.
The decision has been taken after the statement on the website of the National Development and Reform Commission (NDRC) on Friday.
Southern Petrochemicals jumped 3.57% to Rs 33.40 after the company announced resumption of production at its Tuticorin plants in Tamil Nadu.In an exchange filing on Monday, Southern Petrochemicals said, The company s plants at Tuticorin have been restarted and production resumed at 1430 Hrs on 6 March 2021 after completing all jobs/activities mentioned.
The plants were shut down since 31 January 2021 to carry out regular maintenance jobs, activities to improve performance efficiencies and statutory compliance tasks.
On a consolidated basis, the company s net profit fell 12% to Rs 6.39 crore on a 12.4% rise in net sales to Rs 424.5 crore in Q3 FY21 over Q3 FY20.
Southern Petrochemical Industries Corporation is a fertilizer manufacturing company located at Thoothukudi in Tamil Nadu.
Shares of agri-related companies, including agrochemicals and fertilisers, were in focus as demand for the procurement of fertilizers has been promising due to surplus reservoirs levels, record-high Kharif crop sowing and plentiful rainfall during the monsoon season. Among individual stocks, Fertilizers & Chemicals Travancore (FACT) and Madras Fertilizers were locked at 20 per cent upper circuit limits at Rs 76.05 and Rs 25.65, respectively. These stocks are also quoting at their 52-week high levels. That apart, Southern Petrochemicals, Zuari Global, Deepak Fertilisers & Petrochemicals Corporation and Rashtriya Chemicals & Fertilisers (RCF) from the fertilizers sector rallied up to 12 per cent on the BSE. PI Industries, UPL and Rallies India from the agrochemicals sector jumped between 4 per cent and 6 per cent on the BSE. In comparison, the S&P BSE Sensex was up 1 per cent at 48,575 at 01:14 pm.