National Fert hits a new low

Fertilizer sector stocks are painted a deep hue of red today. Almost all stocks are down and it is being led by National Fertilisers, which is down over 3.2% at Rs.50.75, still around its new 52-week low which it hit today at Rs.50.15.

Fertiliser stocks are down today after the Fertiliser ministry stated that fertiliser subsidy payment of Rs 31,580 crore may remain outstanding and this is serious news because as per the Budget estimate, for FY13, the fertilizer subsidy was at Rs.65,874 crore. The ministry also informed the Parliament that 78.64 lakh tonnes of urea has been imported till February in this fiscal, against 78.34 lakh tonnes in the entire previous year.