Shares of fertilizer firms jumped in early trading on Thursday, after the Union Cabinet approved the proposal to continue the ongoing urea subsidy scheme from 2017 to 2020.
On BSE, Shares of Coromandel International Ltd, flagship company of Chennai-based Murugappa Group rose over 3% to ₹516.85. National Fertilizer Ltd rose nearly 5% to ₹59.05, Chambal Fertilizers and Chemicals Ltd rose 2.25% to ₹165.70, Rashtriya Chemicals and Fertilizers Ltd rose over 4% to ₹79.80 in the opening trade.
On Wednesday, the Cabinet had approved the proposal by the Department of Fertilizers to continue the ongoing urea subsidy scheme from 2017 to 2020. The estimated cost of this would be ₹1,64,935 crore, the government said.
