RCF surges 18% on approval to sell its TDR

Shares of Rashtriya Chemicals and Fertilisers (RCF) gained 18 percent intraday Friday as the company received an approval for sell of its TDR (Transfer of Development Rights).

According to Mumbai Mirror report, the company can now sell the TDR that it got from the Mumbai Metropolitan Regional Development Authority (MMRDA) and the BMC.

The Union cabinet on Tuesday permitted the RCF to avail a construction bonanza as compensation.

In 2010, RCF transferred 5.26 lakh square feet land it owned in the eastern suburbs to the MMRDA for construction of the Eastern Freeway. Eight years later, RCF cited the new state government provisions to demand as compensation 10.52 lakh square feet, or twice the land area surrendered, in transferable development rights, report further said.

The share touched its 52-week high Rs 111.50 and 52-week low Rs 65.60 on 15 January, 2018 and 19 July, 2018, respectively.

Currently, it is trading 32.87 percent below its 52-week high and 14.1 percent above its 52-week low.

At 09:34 hrs Rashtriya Chemicals and Fertilisers was quoting at Rs 74.80, up Rs 7.05, or 10.41 percent on the BSE.

The rally in RCF has extended to the other fertilisers stocks as they gained 2-10 percent including names like Coromandel International (up 2.1 percent), Deepak Fertilizers (up 1.83 percent), National Fertilizers (up 6.7 percent), Nagarjuna Fertilisers (up 1.46 percent), Madras Fertilizers (up 3.35 percent) and Fertilisers and Chemicals Travancore (up 9.03 percent).