June 7, 2018 / 9:48 AM / a year ago

BUZZ-India's fertiliser, agro chemical stocks rise; monsoon progression, expected MSP hike in play

** Shares of Fertilisers and Chemicals Travancore Ltd surge as much as 15 pct to 53.60 rupees, highest since May 2

** Gujarat Narmada Valley Fertilizers and Chemicals up as much as 4 pct, Coromandel International Ltd rises as much as 4.7 pct, Rashtriya Chemicals and Fertilizers Ltd up as much as 3.5 pct, Mangalore Chemicals and Fertilizers Ltd rise as much as 5.6 pct

** Monsoon is progressing well at the moment, in line with forecast, and also the government is expected to hike minimum support price (MSP) for summer-sown crops like rice, cotton and soybean this month. These factors are in play in the sector where fertiliser and agro chemicals stocks stand to benefit, an analyst from a domestic brokerage, who did not want to be identified, said.

** India’s weather office last month retained its monsoon forecast at 97 percent of a long-term average

** India on Wednesday unveiled measures to help sugar mills and arrest a slide in sugar prices including building a 3 mln tonne stockpile of the commodity to soak up excess supply and fixing a floor price at mill gate of 29 rupees/kg for refined sugar

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