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Bucking the broader market trend, fertiliser stocks surged in early trade today after a Group of Ministers on fertilisers approved a policy for decontrol of urea prices.
Under the policy, manufacturers will be allowed to hike the rates for the key farm nutrient by up to 10 per cent in the first year.
Boosted by the move, shares of National Fertilisers surged by 7.12 per cent to touch an early peak of Rs 90.25 on the BSE. Similarly, Rashtriya Chemicals & Fertilisers jumped by 4.28 per cent to touch a high of Rs 79.05.
Chambal Fertilisers & Chemicals also attracted buyers and shot up by 4.92 per cent to touch a high of Rs 97. Nagarjuna Fertilisers, too, went up by 2.95 per cent to Rs 33.05.
The maximum retail price (MRP) of urea stands at Rs 5,310 per tonne now, which could go up by over Rs 500 if the Cabinet approves the draft policy.
The surge in these stocks was in huge contrast to the fall in the stock market with the BSE benchmark index Sensex trading lower by 440.74 points at 16,865.13 at 11.35 am.
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