Rashtriya Chemicals and Fertilizers gains 4% on green nod to nano-urea plant

Rashtriya Chemicals and Fertilizers (RCF) shares jumped 4 percent on August 17 after it received the environmental clearance for setting up a nano-urea plant at its Trombay facility in Mumbai suburbs.

In a filing with the exchanges, the state-owned fertiliser producer said it had received the green light from the Ministry of Environment, Forest and Climate Change for installing a nano-urea fertiliser production plant. The company informed that the plant would be capable of producing 27,375 kilo-litre a year.

At 1.15pm on the NSE, the Rashtriya Chemicals and Fertilizers stock was quoting Rs 111.55, up Rs 3.65, or 3.38 percent.

RCF reported an 18.4 percent on-year decline in revenue from operations at Rs 4,043 crore for the first quarter of FY24, while its profit after tax slumped 77.3 percent to Rs 68 crore and operating profit margins contracted 600 basis points to 3 percent.