Fertiliser shares rise up to 9% ahead of Budget presentation : Budget 2022

Fertiliser shares rise up to 9% ahead of Budget presentation : Budget 2022

Shares of fertiliser companies were up in the range of 2-9 percent in the morning trade on Tuesday, ahead of the presentation of the Union Budget for 2022-23. The stocks were trading higher on the expectation that the government will hike the allocation towards fertiliser subsidy.

Analysts expect Fertiliser shares subsidy to rise to Rs 1.3 lakh crore for 2022-23 from nearly Rs 80,000 crore in the previous year as the government may aim to lower the burden of higher prices on farmers.

Also Read : Economic Survey 2022: GDP growth seen at 9.2 % in FY22

For 2021-22, the Union Budget had allotted nearly Rs 80,000 crore but the revised estimate is likely to touch close to Rs. 1.4 lakh crore due to a surge in the price of fertilisers and input costs.

Analysts believe that the government may also hike the fertiliser subsidy to placate farmers anguished by recent events related to the three farm laws, which were later repealed by the Centre.

Shares of Deepak Fertilizers, Rashtriya Chemicals, National Fertilizers, Chambal Fertilisers, and Coromandel International rallied up to 9 percent.

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