Fertiliser cos rise on prospects of higher urea prices

BY A STAFF REPORTERFertiliser cos rise on prospects of higher urea prices

Most fertiliser companies rose today, as outlook for domestic prices improved on the back of higher global urea prices. Further, reports that the government could offer incentives to boost domestic production of ammonia also aided the gains.

Urea prices have been at elevated levels in the global market after Russia, one of the leading producers and exporter of ammonia, urea, potash and phosphate, suspended its exports of the commodities. This has improved growth prospects for Indian fertiliser companies on hopes of urea prices rising in the domestic market as well.

Moreover, as India imports fertilisers from Russia, domestic companies can also tap this opportunity to fill up any supply gaps.

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Source : Eureka

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