Fertiliser stocks soar on subsidy clearance
Tata Chemicals (up 1.45% at Rs 321.60), Chambal Fertilizers & Chemicals (up 3.90% at Rs 82.55), Nagarjuna Fertilizers & Chemicals (up 3.92% at Rs 42.45), GSFC (up 4.51% at Rs 167), Zuari Industries (up 5.06% at Rs 325.20), National Fertlizer (up 4.93% at Rs 59.65), and Rashtriya Chemicals & Fertilizers (up 5.07% at Rs 68.35), soared.
According to reports, Ram Vilas Paswan, minister of chemicals & fertilizers and steel has said that the Finance Ministry has cleared Rs 22,000 crore in cash as subsidy for fertiliser companies. He said that the second tranche of Rs 32,000 crore subsidy would also be paid in cash. The government will pay the first two tranches of fertiliser subsidy within three months. The first two tranches of fertiliser subsidy would amount to Rs 54,000 crore.
He sees the total fertiliser subsidy burden at Rs 1,19,000 crore, reports suggest