FACT, RCF, Agro Phos shares rise up to 5% as China may lift curbs on fertiliser exports

Fertiliser stocks rise

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The shares of fertiliser companies recorded notable gains on August 19 after reports said that Chinese Foreign Minister Wang Yi has assured to address India's three key concerns - rare-earth magnets, fertilisers and tunnel boring machines.

During what is his first visit to India in three years, Wang Yi assured External Affairs Minister S Jaishankar that China is addressing India's needs related to fertilisers, CNBC-TV18 reported citing people familiar with the matter. He further assured that the Xi Jinping-led country will address India's concerns around rare earth magnets and tunnel boring machines, the report added.

Another report said that China has already informed India that it is lifting export restrictions on fertilizers, rare earth magnets and tunnel boring machines. According to Economic Times, Yi told Jaishankar that the Chinese officials are working to remove the restrictions.

Moneycontrol couldn't independently verify the reports.

Agro Phos India shares jumped 5 percent to hit the upper circuit at Rs 38.92 apiece. Southern Petrochemicals and Zuari Agro Chemicals shares gained around 4 percent each.

Paradeep Phosphates, Rashtriya Chemicals and Fertilizers (RCF) and Fertilizers and Chemicals Travancore (FACT) shares were up nearly 3 percent each, while Gujarat State Fertilizers & Chemicals, Madras Fertilizers, Mangalore Chemicals & Fertilizers and Chambal Fertilizers shares gained more than 2 percent each. National Fertilizers shares were up over 1 percent.

China had withheld shipments of critical fertilisers to India over the recent months. India reportedly imports nearly 80 percent of its specialty fertilisers, such as water-soluble nutrients, liquid foliar feeds, slow- and controlled-release variants, and bio-stimulants, from China.

The two foreign ministers met on August 18 in New Delhi, ahead of Prime Minister Narendra Modi’s scheduled visit to China to attend the annual summit of Shanghai Cooperation Organisation (SCO). A statement by the Chinese foreign ministry said the country is ready to uphold the principle of cordiality and mutual benefit with India.

Wang will also meet Indian National Security Adviser Ajit Doval to discuss the two countries’ border dispute before calling on Prime Minister Narendra Modi later on August 19.

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