Shares of Rashtriya Chemicals and Fertilizers (RCF) rallied up to 15 per cent at Rs 64.85, also its 52-week high, on the BSE in intra-day trade on Thursday after rating agency ICRA reaffirmed credit ratings of the company’s instruments and revised outlook to positive from stable .
At 11:24 am, the stock was trading 12 per cent higher at Rs 63.25 on the BSE on the back of heavy volumes. The trading volumes on the counter jumped over five-fold with a combined around 19 million equity shares changing hands on the NSE and BSE.
The revision in outlook to ‘Positive’ factors in the disbursal of additional subsidy announced under the Atma Nirbhar Bharat Package 3.0 for the fertilizer sector which is expected to reduce the subsidy arrears of RCF which would, in turn, lead to decline in short-term borrowings and interest costs and consequently, strengthen the debt coverage metrics, ICRA said in rating rationale.
Basic materials stocks were trading in the positive zone, with the S&P BSE Basic Materials index rising 61.45 points or 1.58% at 3953.67 at 09:49 IST. Among the components of the S&P BSE Basic Materials index, Hindustan Copper Ltd (up 15.6%), Indian Metals & Ferro Alloys Ltd (up 7.17%),Camlin Fine Sciences Ltd (up 6.55%),Vedanta Ltd (up 5.18%),Gujarat Narmada Valley Fertilizers & Chemicals Ltd (up 5.02%), were the top gainers. Among the other gainers were Steel Authority of India Ltd (up 4.98%), Vikas Wsp Ltd (up 4.98%), Hindalco Industries Ltd (up 4.59%), Sharda Cropchem Ltd (up 4.02%), and Godawari Power & Ispat Ltd (up 3.69%). On the other hand, Mangalore Chemicals & Fertilizers Ltd (down 4.07%), DCW Ltd (down 2.87%), and Century Plyboards (India) Ltd (down 2.11%) moved lower.
Here are the top stocks to watch in today s session:
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Dishman Carbogen: Promoter Adimans Technologies LLP will sell 3.87 per cent stake in the company via offer for sale on January 12-13, with an option to additionally sell up to 2.05 per cent shares.
Adani Green: The Competition Commission of India (CCI) approved acquisition of share capital in Adani Green Energy by a subsidiary of Total SE. Commission approves acquisition by Total SE through its subsidiary Total Renewables SAS in share capital of Adani Green Energy Limited, the regulator said in a tweet.
Reliance Industries and its partner BP will get only USD 4.06 a unit for the new gas they have started to produce from the eastern offshore KG-D6 field even though they have discovered a higher rate in an open market auction, sources said. Reliance-BP in November 2019 auctioned initial gas from the R-Series field at a biddable percentage of Brent crude oil price. If Brent crude oil stays in the current range of USD 50 to 51 a barrel, the price comes to USD 4.2 to 4.4 per million British thermal unit, two sources at the buyers of R-Series gas said. Even though operators have pricing freedom, they can t sell gas at a rate higher than the cap the government notifies every six months. The cap for six months to March 31, 2021, is USD 4.06 per mmBtu and so Reliance-BP would get only that amount for the remainder of the current fiscal, they said.