The heightened activity in fertiliser stocks also comes ahead of Union Budget 2024. This is a general trend as the buzz around fertiliser subsidy gets stronger ahead of Budget.
The buyback will improve financial ratios like earnings per share, return on capital employed, return on equity, said the company.
Looking at the positional technical setup, it would be advisable to lighten long commitments in the resistance zone of 19,230-19,333.
On the monthly charts, MCX India has seen a horizontal resistance trendline breakout adjoining highs of October 2021 and September 2023, which is positive sign.