The domestic stock market saw a lot of ups and downs on Wednesday and finally the market closed down. Even in a weak market, there has been a tremendous growth in the shares of fertilizer companies. Shares of the fertilizer company climbed up to 16% on Wednesday. Shares of National Fertilizers Limited (NFL), Rashtriya Chemicals and Fertilizers (RCF), Gujarat State Fertilizers and Chemicals (GSFC), Deepak Fertilizers and Petrochemicals Corporation, Madras Fertilizers have gained sharply.
Shares of National Fertilizers climbed more than 16%
Shares of National Fertilizers Limited (NFL) closed at Rs 77.20, up 16.35 per cent on Wednesday. Shares of National Fertilizers have gained about 86% in the last 6 months. At the same time, in the last one month, the shares of the fertilizer company have risen by about 34%. Shares of Fertilizers and Chemicals Travancore Limited (FACT) closed at Rs 321.85 with an upper circuit of 10%.
15% jump in Rashtriya Chemicals and Fertilizers shares
The shares of Rashtriya Chemicals and Fertilizers Limited (RCF) have gained 15.16% and the company’s shares have reached the level of Rs 134.10. Similarly, shares of Gujarat State Fertilizers and Chemicals Ltd. gained 10.25% to Rs.140.40. Shares of Deepak Fertilizers and Petrochemicals Corporation Ltd. gained nearly 8% to Rs.709.50.
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Is this the reason behind the rise in fertilizer stocks?
At present, the reason for the rise in the shares of fertilizer companies has not been revealed. Recently, a Business Standard report quoted media reports as saying that Russia will impose an export duty of 23.5% on all types of fertilizers with a cut-off price of $450 per tonne. In the report, quoting the local Russian media, it was said that this duty will be effective from January 1, 2023. After this news came to the fore, the shares of domestic fertilizer companies had risen by up to 18%.
Disclaimer: Information provided here is only about stock performance and does not constitute investment advice. Investment in share market is subject to risk and you should consult your advisor before investing.