Another 12 big states including Punjab, Madhya Pradesh and Andhra Pradesh are ready for the phase II launch next month and the target is to cover the entire country by January 2018, said the fertiliser ministry official. The government bears about Rs 70,000 crore annually as fertiliser subsidy to provide cheaper nutrients to farmers.
"Government has constituted a committee of joint secretaries for ensuring enhanced affordability, availability and accessibility of drugs for the citizens," Minister of State for Chemicals and Fertilisers Mansukh L Mandaviya said in a written reply to Lok Sabha.
The foray into the organic food market and food processing is a part of the co-operative IFFCO's strategy to diversify its business.
In an interview to CNBC-TV18, VD Nanavaty, Senior VP-Finance & CFO of GSFC spoke about the results and his outlook for the company.
The move will help reduce the government's fertiliser subsidy bill by up to 20 per cent through plugging diversion and leakages.
Shares of Zuari Agro, RCF, GSFC, and National Fertilisers, among others, were up between 4 and 14 percent intraday on Friday.
The firm has made a written representation to CPCB to rescind the order, but company officials said that it would not have any material impact as the plant is already under planned shutdown between February 21 and April 15, 2017 for relocation of ammonia pipeline and scheduled maintenance.
The report said fertiliser usage, which is closely linked to the core production part of agriculture value chain, would thus witness higher demand and in light of these favourable scenarios, the demand is expected to rise by an average rate of 3 percent per annum in the next couple of years.
It is the first time-swap agreement by GAIL, which is trying to juggle its LNG portfolio to cut costs for price-sensitive Indian customers after a sharp fall in Asian spot prices made its US gas unattractive.
"Urea imports have been less so far because there is a better domestic supply and introduction of neem-coated urea has restricted diversion to industrial use to some extent," a senior Fertiliser Ministry told PTI.
IFFCO and Bank of Baroda yesterday signed a Memorandum of Understanding (MoU) in this regard. The pact was signed by Yogendra Kumar, General Manager (Marketing), IFFCO and GB Panda, General Manager (government relationships), Bank of Baroda.
Zuari Agro Chemicals' volumes remained intact during the third quarter but drop in international prices leading to lower prices here caused a topline decline, said MD & Group CEO Kapil Mehan in an interview to CNBC-TV18.
Fertiliser stocks are buzzing ahead of the Budget on expectations of government focus on agriculture.
Udayan Mukherjee said that the momentum is with developed markets right now which is reflected in the US market rally.
Fertiliser stocks have been buzzing on the back of expectations that the government will focus on the agriculture and rural theme in the upcoming Budget.
"Overall, the outlook for the fertiliser sector continues to remain stable with favourable agro-climatic conditions and liquidation of high systemic inventory," ICRA Senior Vice-President and Head, Corporate Ratings, K Ravichandran said.
The Borgarting Appeals Court, a regional court in southeast Norway, upheld a guilty verdict on former chief legal officer Kendrick Wallace, an American, while Norwegian Enger was acquitted along with compatriot Tor Holba and Daniel Clauw, a French citizen.
Fertiliser subsidy arrears are likely to be around Rs 40,000 crore at the end of current fiscal due to lower allocation in the Budget, industry body FAI has said while seeking early disbursal of pending dues of manufacturers.
Kribhco and OCP have also agreed in-principle to jointly set up a phosphoric unit in Morocco that could entail an investment of about Rs 3,000 crore.
Fertiliser stocks gained momentum with Chambal Fertilisers, Deepak Fertilisers, FACT, GNFC, Madras Fertilisers, NFL, Zuari Agro and Zuari Global rising 6-13 percent.
The deal has been proposed by China's central government as part of its efforts to slash the number of state-owned companies and create larger, more competitive global industry players, said the sources.
"Kerosene in some parts of the country is used as fuel, and in many parts... is misused. There is a huge amount of diversion... So, states are making efforts to become kerosene free because of a lot of diversion taking place," he said at an event of the Observer Research Foundation here today.
Fertiliser firm MCFL has beenasked to conduct public hearing for its proposed Rs 1,547 crore expansion project in Mangalore as it gets central nod for preparing environmental impact study for the same.
Fertiliser and crop protection products company Coromandel International today posted a 47 percent drop in its consolidated net profit at Rs 8 crore for the first quarter of this fiscal on poor sales.
Analysts polled by CNBC-TV18 say that order book for custom synthesis business, currently at USD 850 million, is seen 12 percent growth in Q1. Management commentary on current order execution timeline will be crucial.