Shares of fertiliser companies today surged up to 19 per cent after the Union Cabinet approved the long-pending urea investment policy.
Cheering the move, shares of Fertilisers and Chemicals Travancore soared 19 per cent to Rs 32.85, while Chambal Fertilisers gained 5.42 per cent to Rs 71.90 on the BSE.
Among others, Tata Chemicals’ shares were trading higher by 1.44 per cent, while Deepak Fertilisers rose 1.14 per cent, Coromandel International (2 per cent), National Fertilizers (2.34 per cent) and Rashrtiya Chemicals and Fertilisers (2.94 per cent).
The Union Cabinet had yesterday approved the long-pending urea investment policy that will incentivise setting up of new fertiliser plants and expansion of existing ones aimed at cutting import dependence, an simplified procedures for award of road projects faster.