Fertiliser companies in demand on RIL gas sale nod
Shares of fertiliser firms climbed more than 8 per cent as they stand to gain from the Bombay High Court order
By ET Bureau |
MUMBAI: Shares of fertiliser firms climbed more than 8 per cent as they stand to gain from the Bombay High Court order, allowing Mukesh Ambani-led Reliance Industries to sell gas from the Krishna-Godavari basin at $4.20 per million British thermal unit (mBtu).
The court, however, reserved a final judgment in the case, brought by Anil Ambani-run Reliance Natural Resources. The court in its order on Friday said, "RIL shall be at liberty to sell or dispose of the natural gas...to such parties as may be directed by the government."
According to media reports, the government has provided a list of 20 companies to Reliance Industries for sale of gas as per the gas utilisation policy. Some of these companies include Nagarjuna Fertilizer & Chemicals, Chambal Fertilizers & Chemicals, Tata Fertilizers and Oswal Chemicals & Fertilizers among others.
Welcoming the move, shares of fertilizer companies surged with Deepak Fertlisers up 7.8 per cent at Rs 58.75, Rashtriya Chemicals and Fertlisers climbing 4.42 per cent up at Rs 34.25, Nagarjuna Fertilisers rising 6.46 per cent to Rs 17.30.
The court, however, reserved a final judgment in the case, brought by Anil Ambani-run Reliance Natural Resources. The court in its order on Friday said, "RIL shall be at liberty to sell or dispose of the natural gas...to such parties as may be directed by the government."
According to media reports, the government has provided a list of 20 companies to Reliance Industries for sale of gas as per the gas utilisation policy. Some of these companies include Nagarjuna Fertilizer & Chemicals, Chambal Fertilizers & Chemicals, Tata Fertilizers and Oswal Chemicals & Fertilizers among others.
Welcoming the move, shares of fertilizer companies surged with Deepak Fertlisers up 7.8 per cent at Rs 58.75, Rashtriya Chemicals and Fertlisers climbing 4.42 per cent up at Rs 34.25, Nagarjuna Fertilisers rising 6.46 per cent to Rs 17.30.
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