Fertiliser stocks spurt ahead of CCEA meet on urea pricing

NEW DELHI: Shares of fertilizer companies surged 2-4 per cent in a choppy market on Thursday ahead of a crucial Cabinet Committee on Economic Affairs (CCEA) meet which is expected to discuss a proposal to hike urea price.

“The government may raise the urea price by 10 per cent with an aim to cut up to Rs 2,000 crore on the total subsidy outgo on urea,” said media reports.

The last revision in urea prices happened in 2010 when they were raised to Rs 5,310/tonne from Rs 4,830.

At 10:15 a.m., Chambal Fertilisers & Chemicals was trading 2.9 percent higher at Rs 78.50. It has hit a low of Rs 77.50 and a high of Rs 79.45, in trade so far.

Coromandel International Ltd was trading 4.4 percent higher at Rs 255.80. It has hit a low of Rs 253.90 and a high of Rs 259.

National Fertilisers Ltd was trading 3.6 percent higher at Rs 85.65. It has hit a low of Rs 83.50 and a high of Rs 87.40, in trade so far.

Rashtriya Chemicals & fertilizers Ltd was trading 3.2 percent higher at Rs 60.15. It has hit a low of Rs 59 and a high of Rs 61.20, in trade so far.

Tata Chemicals Ltd was trading 2 percent higher at Rs 319.25. It has hit a low of Rs 317.10 and a high of Rs 324, in trade so far.