New fertiliser policy boosts fertiliser shares
Seven fertiliser stocks were up between 0.98% to 12.2% at 15:29 IST on BSE after the Chemicals and fertilisers minister Ram Vilas Paswan today said that the cabinet has approved a new fertiliser policy
Meanwhile, the BSE Sensex was up 168.31 points, or 1.21% to 14,392.21, boosted by the US Federal Reserve's decision on Wednesday, 25 June 2008, to keep interest rates unchanged. Fed also signaled that it was in no hurry to raise rates, even as it voiced greater concern about inflation.
Deepak Fertilizers and Petrochemicals (up 12.2% to Rs 98.90), Chambal Fertilisers & Chemicals (up 6.71% at Rs 81.15), Gujarat State Fertilizers & Chemicals (up 5.08% at Rs 162.50), Nagarjuna Fertilizers & Chemicals (up 5.59% at Rs 40.60), Tata Chemicals (up 4.61% at Rs 312), National Fertilizers (up 4.96% at Rs 57.15), Zuari Industries (up 0.98% at Rs 238) and soared.
The existing fertiliser policy is likely to be renewed with new additions. The price of fertilisers based on phosphorus and potassium will be linked to import price parity, Paswan said.
The new fertiliser policy will be fix base rate for 17 items and will be for long term versus the current practice of yearly changes, reports suggest. Incentives would be offered to fertilizer manufacturers for producing DAP as an end product.