Fertiliser stocks in demand as RIL signs gas pact
The company plans to raise output from the deep-sea field in the Bay of Bengal by 10 mmscmd a month, reaching peak production of 80 mmscmd by the end of this year.
By ET Bureau |
MUMBAI: Even as the rest of the market remained weak on profit booking, shares of fertilizer companies were in the limelight after Reliance Industries signed deals with fertiliser firms to sell about 15 million standard cubic metres a day of gas from its giant field from the middle of next month.
The company plans to raise output from the deep-sea field in the Bay of Bengal by 10 mmscmd a month, reaching peak production of 80 mmscmd by the end of this year.
Fertiliser firms will pay Reliance a marketing margin of 13.5 cents per mmbtu for the gas. The margin is in addition to the government-approved price of $4.2 per mmBtu for the gas.
The firms include Chambal Fertilisers, Indian Farmers Fertiliser Cooperative, Krishak Bharati Co-operative, Gujarat Narmada Valley Fertilizers, Gujarat State Fertilizers and Chemicals, Nagarjuna Fertilizers, Tata Chemicals, and Rashtriya Chemicals and Fertilizers.
At 10:50 am, RCF surged 7.61 per cent to Rs 39.60, Chambal Fertilisers climbed 4.48 per cent to Rs 42, GSFC advanced 3.32 per cent to Rs 90.20 and Nagarjuna Fertilisers rose 4.94 per cent to Rs 18.05.
The company plans to raise output from the deep-sea field in the Bay of Bengal by 10 mmscmd a month, reaching peak production of 80 mmscmd by the end of this year.
Fertiliser firms will pay Reliance a marketing margin of 13.5 cents per mmbtu for the gas. The margin is in addition to the government-approved price of $4.2 per mmBtu for the gas.
The firms include Chambal Fertilisers, Indian Farmers Fertiliser Cooperative, Krishak Bharati Co-operative, Gujarat Narmada Valley Fertilizers, Gujarat State Fertilizers and Chemicals, Nagarjuna Fertilizers, Tata Chemicals, and Rashtriya Chemicals and Fertilizers.
At 10:50 am, RCF surged 7.61 per cent to Rs 39.60, Chambal Fertilisers climbed 4.48 per cent to Rs 42, GSFC advanced 3.32 per cent to Rs 90.20 and Nagarjuna Fertilisers rose 4.94 per cent to Rs 18.05.
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