The shares of Madras Fertilizers Limited opened 3 per cent higher on Friday at Rs 75.55 as against its previous close of Rs 73.65. In the early hours, it further gained 15 per cent to reach its new 52-week high of Rs 87.75.
Madras Fertilizers Limited is a Public Sector Undertaking that is engaged in the manufacture of Ammonia, Urea, Complex Fertilizers, and Biofertilizers. Its other activities include marketing these fertilizers and trading in Agro Chemicals.
In the past five days, the shares of the company have rallied by more than 45 per cent while in the span of a month the stock has gained 88 per cent. In January, the shares were trading at Rs 29 a piece on NSE. From there it has spiked up to the current levels logging a multibagger return of 198 per cent.
Recently Russia announced its plans to make the export of Fertilizers costly. The country plans to set its export tax for all types of fertilizers at 23.5% when the price is more than $450 a tonne, the Interfax news agency quoted Trade Minister Denis Manturov, according to a Reuters report.
On the news, other fertilizer stocks also rallied by more than 10 per cent. Here are some other fertilizer stocks that gained on Friday:
The shares of Fertilisers & Chemicals Travancore Ltd, an Indian central public sector undertaking, also gained more than 17 per cent on Friday to reach its new 52-week high of Rs 267.80.
Agro Phos India Ltd, engaged in the manufacturing of fertilizers such as Single Super Phosphate (SSP), Nitrogen Phosphate and Potassium (NPK), Zinc Sulphate, Organic manure, and Calcium Sulphate, also saw its share rally by more than 16 per cent to trade at Rs 49 levels.
Another stock that rallied by more than 16 per cent is Shiva Global Agro Industries Ltd, a company that is engaged in the manufacturing of fertilizers, soil and crop health products, oil, and de-oiled cakes (DOC). Its shares were trading at Rs 117 levels till the afternoon.
Written by Anoushka Roy
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