Shares of Rashtriya Chemicals & Fertilizers (RCF) climbed as much as 3 percent on February 8 after the company reported strong quarterly earnings.
At 9:58am, shares of the company were trading at Rs 110.85, up 1.3 percent, on the BSE.
Catch up on all LIVE stock market updates here
During the quarter ended December, the company posted a consolidated revenue from operations of Rs 6,235.14 crore as compared to Rs 3,699.21 crore a year ago. A large chunk of the company’s revenue came from the fertiliser segment.
Net profit came in at Rs 245.20 crore as against last year’s Rs 143.15 crore.
Also Read | Paytm gets double upgrade from Macquarie to 'outperform', target price raised
Finance Minister Nirmala Sitharaman on February 1 set aside Rs 1.75 lakh crore for fertiliser subsidies in the Budget for the financial year 2023-24, which was 22 percent lower than Rs 2.25 lakh crore for FY23. Share prices of some fertiliser companies dropped after the budget documents were released on the completion of the minister's speech.
RCF shares have dropped 14 percent in the past one month but have risen over 45 percent in the past one year.
RCF is a fertilisers and chemicals manufacturing company with about 75 percent of its equity held by the Government of India. It manufactures Urea, Complex Fertilizers, Bio-fertilizers, Micro-nutrients, 100 per cent water soluble fertilizers, soil conditioners and a wide range of Industrial Chemicals.