Move marks revival of eight-year-pending stake sale in fertiliser PSUs; OFS could follow within a month of appointments if market conditions permit
Rashtriya Chemicals and Fertilizers (RCF) stock has surged around 40 percent, beating benchmark Nifty's returns of 12 percent during this period.
Shares of FACT and GSFC also witnessed profit booking and are trading down by 2 percent and 3 percent respectively.
The shares of National Fertilisers, RCF and Chambal Fertilisers however are seen trading with optimism ahead of the budget (interim) day up by 2.45 percent, 1.68 percent and 1.94 percent respectively.
Indian Equity Markets set for a muted start; risk aversion at play. Risk off sentiment ahead of key macro data from the US as well as India’s GDP due later this week to weigh. Stocks to watch out for Tuesday's trading session include Reliance Industries post AGM, Manappuram Finance after Court quashes ED case against promoter, RCF delay in OFS and PG Electroplast’s QIP amongst others. Join Nickey Mirchandani in a conversation with Osho Krishnan, Sr Analyst- Technical & Derivative Research, Angel One and Amit Jeswani, Founder of Stallion Asset.
During the December quarter, RCF posted a consolidated revenue from operations of Rs 6,235.14 crore as compared to Rs 3,699.21 crore reported a year ago. Net profit came in at Rs 245.20 crore against last year’s Rs 143.15 crore.
The government is looking to sell a tranche of its stake via the offer-for-sale (OFS) mechanism.
Total income increased to Rs 5,575.9 crore during the July-September quarter, from Rs 2,612.4 crore in the year-ago period.
According to the Raigad police official, a group of workers was repairing an air conditioner at the RCF unit at Thal in Alibag, located about 100km from Mumbai, when suddenly a blast occurred in the AC compressor at around 4.45 pm.
The memorandum of understanding (MoU) was signed on October 6 between RCF and K Plus S Middle East FZE DMCC, which is the subsidiary of German firm K+S Minerals and Agriculture GmbH.
These AC 3-tier Economy Class coaches will be attached in various mail and express trains.
The current overall market share of the company is 8-9 per cent and after the production begins in the Talcher plant in four years, the market share is expected to go up by another 3-4 per cent to around 12-13 per cent, Dhatrak added.
Total income increased to Rs 2,434.29 crore during April-June quarter of 2019-20 fiscal from Rs 1,955.96 crore in the year-ago period.
TFL was incorporated in November, 2015 with shareholding of 29.67 percent of GAIL, RCF and CIL each and 10.99 percent of FCIL to revive the Talcher fertiliser plant.
Total income increased to Rs 1,955.96 crore from Rs 1,563.12 crore in the year-ago period.
Ashwani Gujral of ashwanigujral.com is of the view that Jubilant Food is likely to rally to Rs 2,350 while NIIT Technologies may test Rs 700.
Ashwani Gujral of ashwanigujral.com recommends buying ICICI Prudential, Reliance Capital, RCF, PC Jeweller, Indiabulls Housing and CESC.
RCF reported a weak quarter. In an interview with CNBC-TV18, Suresh Warior, Director of Finance of the company discussed the company's Q2 performance.
In addition to the existing STEs, "RCF and NFL are permitted to import urea only for three months with effect from the date of this notification," the directorate general of foreign trade said in a notification.
Ashwani Gujral of ashwanigujral.com is of the view that one can buy IIFL Holdings, RCF and Godrej Industries and exit Tata Motors.
Ashwani Gujral of ashwanigujral.com recommends buying RCF, Indiabulls Real Estate and Bharat Electronics.
Ashwani Gujral of ashwanigujral.com recommends buying RCF, Future Consumer, L&T Finance Holdings, Bharat Petroleum Corporation and M&M Financial Services.
Prakash Gaba of prakashgaba.com is of the view that one can go long in NTPC and short RBL Bank.
The portion set aside for institutional investors oversubscribed 1.04 times within the first hour of trade today, with getting bids for 2.3 crore shares against 2.2 crore shares on offer, as per data available on the NSE.
Of its total holding of 80 per cent in Rashtriya Chemicals and Fertilisers (RCF), the government is selling 5 per cent, or over 2.75 crore shares, at a floor price of Rs 74.25.