Fertiliser stocks rallied up 10% in early trade on Tuesday, amid strong buying interest, despite a muted trend in the broader Indian stock market.
Fertilizers and Chemicals Travancore (FACT) share price jumped as much as 10%, followed by Madras Fertilizers shares rallying over 9%. Rashtriya Chemicals and Fertilizers (RCF) shares spiked nearly 8%, Paradeep Phosphates and National Fertilizers shares surged more than 5% each, while Chambal Fertilisers & Chemicals shares gained 3%.
The rally in fertiliser shares came after Russia assured India of uninterrupted supply of energy and fertilisers amid disruption caused by the US-Iran war in the West Asia.
The announcement came after External Affairs Minister S Jaishankar met President Vladimir Putin here and held talks with his key interlocutors.
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In his meeting with Jaishankar, Putin assured India of uninterrupted supply of energy and fertilisers amid disruption caused by the West Asia crisis.
“We are doing everything we can to fully meet the needs of Indian farmers and the agricultural sector, increasing these supplies and standing ready to continue doing so,” Putin was quoted as saying by the state-run TASS news agency.
The move comes as a positive development for the agriculture sector. Market cheered the assurance of uninterrupted fertilizer supplies, as its eases concerns about supply disruptions due to geopolitical tensions.
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