Shares of nine fertiliser companies rose by 1.67% to 6.62% after the government on Wednesday increased its share of subsidy for di-ammonia phosphate (DAP) fertiliser by 140% from Rs 500 to Rs 1,200 per bag.National Fertilizers (up 6.62%), Rashtriya Chemicals & Fertilizers (up 5.81%), Fertilizers & Chemicals Travancore (up 5.61%), Deepak Fertilisers & Petrochemicals (up 4.88%), Coromandel International (up 3.65%), Gujarat State Fertilizers & Chemicals (up 3.52%), Chambal Fertilisers & Chemicals (up 3.14%) and GNFC (up 1.67%) advanced.
The government has decided to increase the subsidy for DAP fertiliser from Rs. 500 per bag to Rs. 1200 per bag, which is an increase of 140%. Thus, despite the rise in international market prices of DAP, it has been decided to continue selling it at the older price of Rs 1200 and the central government has decided to bear all the burden of price hike.
Read more about Market Wrap Podcast, May 20: Here s all that happened in the markets today on Business Standard. The BSE barometer of 30-shares was down 338 points, or 0.68 per cent, at 49,565 levels while the Nifty50 index quoted at 14,906 levels, down 124 points or 0.83 per cent
Rashtriya Chemicals & Fertilizers announced that Department of Investment and Public Asset Management (DIPAM), Ministry of Finance , Government of India vide letter dated 30 April 2021 intimated the appointment of Crawford Bayley along with its International consortium partner Squire Patton Boggs Singapore LLP as Legal Advisers for the Disinvestment of 10% paid up equity capital in Rashtriya Chemicals and Fertilizers (RCF) out of Government of India s shareholding through the Offer for Sale by promoters through the Stock Exchanges method in the domestic market.
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