After a long wait for monsoon, fertilizer companies got reasons to cheer as their stocks turns bullish. Shares of fertilizer companies soared as much as 7 per cent in Thursday’s trade after monsoon advanced to the agriculture belt of Punjab, Haryana.
According to the meteorological department, monsoon is set to hit Punjab, Haryana and DELHI over the next three days. Reacting to the development, most fertilizer stocks traded with heavy gains.
Gujarat Narmada Valley
Fertilizers closed 5 per cent higher, Fertilizers & Chemicals
Travancore 7.15 per cent while National Fertilizer 5 per cent.
Other prominent gainer were RCF (4.47
per cent), GSFC (4.10 per cent), Mangalore Chemicals (2.06 per cent)
and Deepak Fertilizers (1.67 per cent).
Also shares from sugar industries shows significant improvements over past 2-3 weeks.
In its forecast for the next 15 days,
the IMD has predicted an “above normal” rainfall activity over north
India during first week and over central India during second week of
July. Western parts of the country are likely to receive above normal
rainfall activity during second week.
Kharif sowings have been low this year
because of deficient rains. As on June 24, sowing was completed on 11.7%
of the area generally under kharif crops. This is about a quarter of
what was achieved last year. Officials said the deficiency has been
highest in case of paddy, cotton and soyabean. With good rains over the
last few days, a major improvement in sowing is expected at the field
level.
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