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Yoganand D
BL Research Bureau |
Updated on
April 09, 2021
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The stock of Rashtriya Chemicals and Fertilizers (RCF) gained 7.4 per cent accompanied by above average volume on Thursday, breaching a key near-term resistance at ₹78 as well as the 21-day moving average. With this rally, the stock appears to have resumed the intermediate-term uptrend that commenced from the base level of ₹42 in late November 2020. Investors with a short-term horizon can buy the stock at current levels.
The recent up-move has mitigated the corrective downtrend and the stock is on the brink of an upwards trend once again. It trades well above the 50-day and 200-day moving averages. The daily relative strength index is likely to enter the bullish zone from the neutral region and the weekly RSI continues to feature in the bullish zone backing the uptrend. Moreover, the daily price rate of change indicator has entered the positive terrain implying buying interest. The stock can continue to trend upw
Government Asks Fertiliser Companies Not To Raise Prices Shares of Deepak Fertilisers fell 3.63 per cent, Rama Phosphates declined 2.73 per cent, Rashtriya Chemicals and Fertilisers declined 3 per cent and SPIC fell 3.3 per cent.
Updated: April 09, 2021 4:55 pm IST
The government has told fertiliser companies that they cannot increase price of fertilisers, minister of state for chemical and fertilizers said on Friday after reports that some companies raised fertilizer prices owing to higher di-ammonium phosphate prices. It has been decided that in the present circumstances there shall be no immediate increase in prices of fertilisers, Mansukh Mandaviya, minister of state for chemical and fertilizers, said in a statement after a meeting with producers.
Shares of fertilisers companies were in focus at the bourses on Thursday, with Deepak Fertilisers & Petrochemicals Corporation, Rashtriya Chemicals & Fertilizers (RCF) and National Fertilizers rallying between 10 per cent and 18 per cent on the BSE in intra-day trade on expectation of higher demand.
Zuari Agro Chemicals, Chambal Fertilisers & Chemicals, Coromandel International, Gujarat State Fertilizers & Chemicals (GSFC) and Gujarat Narmada Valley Fertilizers & Chemicals were up 3 per cent to 5 per cent on the BSE. In comparison, the S&P BSE Sensex was up 0.81 per cent at 50,065 points, at 10:00 am.
Among individual stocks, NFL surged 18 per cent to Rs 64.05 on the back of two-fold jump in trading volumes. Earlier this month, the company said it recorded highest-ever total fertiliser sale of 5.9 million MT in 2020-21, beating its previous best of 5.70 million MT achieved during 2019-20. This includes sale of company’s own Urea, imported Urea and other P&K fertilisers.
Basic materials stocks were trading with gains, with the S&P BSE Basic Materials index rising 77.9 points or 1.72% at 4619.19 at 09:49 IST. Among the components of the S&P BSE Basic Materials index, Aarti Surfactants Ltd (up 16.59%), National Fertilizer Ltd (up 13.77%),Deepak Fertilizers & Petrochemicals Corp Ltd (up 12.67%),Rashtriya Chemicals & Fertilizers Ltd (up 10.64%),Privi Speciality Chemicals Ltd (up 5.81%), were the top gainers. Among the other gainers were Zuari Agro Chemicals Ltd (up 5.78%), Jindal Stainless Ltd (up 5.11%), Mangalore Chemicals & Fertilizers Ltd (up 4.93%), Vinati Organics Ltd (up 4.91%), and National Peroxide Ltd (up 4.89%). On the other hand, Hindustan Copper Ltd (down 4.93%), Vikas Wsp Ltd (down 2.51%), and Star Paper Mills Ltd (down 1.97%) moved lower.