Shares of two leading fertiliser companies, Rashtriya Chemicals and Fertilizers Ltd. (RCF) and National Fertilizers Ltd. (NFL), soared 13 percent and 10 percent respectively on Wednesday on the back of strong volumes.
RCF shares jumped as much as 137 percent in intra-day trade to hit a new 52-week high value of Rs 119.20 apiece. The stock also saw a spurt in trading volumes, with the number of shares changing hands jumping by more than 5.42 times.
Earlier this week, RCF informed investors that a meeting of the board of directors would be held on November 29, 2022, to consider the declaration of interim dividend on the equity shares of the company for the current financial year.
Since then, the RCF stock has been on a gaining spree. The shares have gained nearly 19 percent in the last three trading sessions (taking Wednesday’s high into account).
Meanwhile, NFL shares also climbed 10 percent in intra-day trade on Wednesday to hit a high of Rs 57.05. The stock has been rising for the past three trading sessions, gaining 14.6 percent during this period (taking Wednesday’s high into account).
The NFL stock counter also saw huge volumes on Wednesday, with the number of shares changing hands jumping by 13.7 times.
Interestingly, a few reports in September said that eight PSUs, including RCF and NFL, have been identified by the Central government for divestment in the fertiliser segment.
Under the new Public Sector Enterprises (PSEs) Policy announced by the government in 2020, the fertiliser sector will be the first to be privatised if the government goes ahead with its divestment plans.
