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Shares of Rashtriya Chemicals and Fertilisers (RCF) today rose by over 4 per cent driven by the company’s plan to invest Rs 4,000 crore in the next three years to ramp up its urea capacity.
Bucking a weak broader market, shares of the company opened strong and gained 4.35 per cent to Rs 51.50 on the BSE.
On the National Stock Exchange, the scrip climbed 4.56 per cent to Rs 51.50.
In the broader market, the BSE barometer Sensex was trading at 17,458.42, down 83.22 points at 1045 hrs.
“The company plans to expand the capacity of urea at Thal by setting up one single stream ammonia plant of capacity 2,200 TPD (tonnes per day) and one single stream urea plant of capacity 3,850 TPD at the existing site,” RCF had yesterday said in a BSE filing.
The board at its meeting held on August 27, 2012, has approved applying for project clearance from the Cabinet Committee on Economic Affairs (CCEA), the filing added.
The Mumbai-based public sector undertaking (PSU) produces various grades of complex fertilisers at its two manufacturing units in Thal and Trombay in Maharashtra. It is one of the country’s leading urea producers.
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