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RCF shares jump 5% after this PSU fertilizer company gets 'Navratna' status

The state-run company which has a market capitalisation of Rs 7,031.26 crore informed about the development in its filing to the exchanges on Tuesday. The price action was accompanied by high volume action as over 1.20 crore shares traded on the NSE at 12:15 pm.

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RCF surges 15% as ICRA reaffirms ratings with positive outlook

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.

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