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Fertiliser stocks wither

Our Bureau

MUMBAI, July 15

FERTILISER stocks witnessed selling today on reports of slow progress of monsoon this year. The stock prices of SPIC, Chambal Fertiliser and Gujarat State Fertiliser Corporation (GSFC) fell between 3.5 per cent and seven per cent.

Share prices of most fertiliser companies had gained between 25 and 50 per cent after the prediction of normal monsoon by the Meteorological Department.

Major losers of the day were SPIC by 6.3 per cent at Rs 11.25, Chambal Fertiliser by 3.52 per cent at Rs 13.75, and GSFC by 4.01 per cent at Rs 33.75. Others in the losers' list included Madras Fertiliser down 4.35 per cent at Rs 13.20 and Nagarjuna Fertiliser down 4.43 per cent at Rs 9.6.

Market players and analysts said that concern over deficient monsoon affected the market sentiment towards fertiliser stocks.

As per the latest status of rainfall till July 12, there has been a shortfall of around 15 per cent in rainfall. There has also been concern in the market over 20 out of 36 meteorological sub-divisions receiving deficient rainfalls.

Dealers said in case there was below normal rainfall during the remaining part of the season, there would be some more selling pressure in fertiliser stocks.

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