Shares of fertiliser stocks rallied as the government is planning for a revival. Madras Fertilizers (MFT) jumped 20 percent and Fertilizers and Chemicals Travancore (FACT) soared 12 percent intraday on Wednesday.
Minister of State (MOS) for chemicals and fertilizers Hansraj Ahir said in the Lok Sabha yesterday that the government has planned financial restructuring of three sick companies namely, MFL, BVFCL and FACT to sustain their operations. The financial restructuring involves waivers of Government of India loans and interest thereon and grant of interest free loans.
The government has also proposed to revive five closed units of Fertilizer Corporation of India Ltd. (FCIL) at Talcher, Ramagundam, Sindri, Gorakhpur and Korba, and one unit of Hindustan Fertilizer Corporation Ltd. (HFCL) at Barauni.
At 11:28 hrs Madras Fertilizers was at Rs 20.70, up Rs 1.50, or 7.81 percent while FACT was at Rs 34.50, up Rs 2.35, or 7.31 percent on the BSE.
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