Equity Alert: Fertiliser cos up; Chambal Fertilisers at 52-wk high

[K.Karthik Raja]

Equity Alert: Fertiliser cos up; Chambal Fertilisers at 52-wk high
NW18 Equity Alert: Fertiliser cos up; Chambal Fertilisers at 52-wk
high
MUMBAI--3:20PM--Fertiliser shares were up 1-12% as sentiment for
the
sector was upbeat after the government Thursday approved shift to
nutrient-based fertiliser subsidy, and as the monsoon is likely to be
good,
dealers said.
Subsidy will be given on specific nutrients, such as nitrogen,
potash,
and phosphate, among others.
Companies can also claim subsidy based on actual rail freight for
transporting fertilisers at the block level and the average road
freight
incurred for distributing at the village level.
Chambal Fertilisers was up over 1% at 92 rupees. The stock touched
a
52-week high of 96.50 rupees earlier in the session.
Dealers see near term resistance for Chambal Fertilisers at 94-95
rupees.
National Fertilisers was up 11% at 74 rupees, while Gujarat State
Fertilisers gained 4% at 179 rupees.