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National Fertilizers Jumps 20%; Upside Seen For Fertilizer Stocks

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Shares of National Fertilizers Ltd (NFL jumped close to 20% in intra-day trade on July 6, 2020 to its day high price of Rs. 36.95 per share on the BSE. On the NSE, the stock hit a high of Rs. 36.90 today. Notably, the fertilizers company stock is trading very close to its 52-week high price of Rs. 40.75 on the BSE.

National Fertilizers Jumps 20%; Upside Seen For Fertilizer Stocks
 

The sharp jump in the company's share price comes after it reported the highest ever sale of fertilizers for the quarter ended June of FY21. The sale figure for the April-June period stood at 12.85 lakh MT (metric tonne).

In the same quarter a year ago, the sales were 21.5% down at 10.57 lakh metric tonne. "In the month of June 2020, the company sold 5.30 lakh MT of fertilizers, up by 15.5 percent than the 4.59 lakh MT sold in the same month previous year," the company said in a regulatory filing.

Other than significant growth in Urea sales, P&K fertilizers also recorded a growth of 13 percent during the quarter, the company added.

Also, as the Indian government sees agriculture to be the pivotal area or the backbone of the country's economy, the future potential of stocks from the space including the likes of Chambal Fertilizers, RCF, GNFC seems promising and as per a report from a leading business daily charts also suggest a possible upside for these stocks.

"With a forecast of a normal monsoon, the agricultural sector should support the rebooting of the economy. Though GDP contribution of the sector may not be very large, its growth has a very positive impact on the large population dependent on agriculture," the ministry said when assuring on green shoots in the economy after a period of seven weeks of lockdown.

GoodReturns.in

Read more about: stock market
Story first published: Monday, July 6, 2020, 15:43 [IST]
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