Fertiliser Stocks Gain; Government Likely to Announce NIP Today
Shares of fertiliser companies gained on Wednesday. Sources told NDTV that the government is likely to notify the new investment policy (NIP) in the urea sector today.
Fertilizers and Chemicals Travancore gained 7 per cent, Rashtriya Chemicals and Fertilizers was up 3.4 per cent while Chambal Fertilizers traded with over 2 per cent gains.
The NIP has already got approval from Cabinet Committee on Economic Affairs' on August 8, 2014.
The government aims to attract investment in the urea sector for addition of production capacities through revamp and expansion of existing units. The government has shortlisted 10 private companies to expand capacities. These companies have to start the production within 3 years.
Currently the total urea requirement in India is around 33 million tonnes, out of which around 22 million tonnes is produced locally and the rest is imported. In order to reduce the import of urea, the government is planning to increase its production in India.
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