Fertiliser Stocks Gain After Sitharaman Unveils Plan For Agriculture Sector In Budget

Shares of fertiliser companies rose on Tuesday after the Finance Minister Nirmala Sitharaman during her budget 2024 speech said agriculture is one of the priority of the government.

The government will undertake comprehensive review of agricultural research and focus on developing climate resilient varieties in agriculture. The government will also release of 109 new high yielding, climate resilient varieties.

She added that the government has set aside Rs 1.52 lakh crore set aside for agriculture.

Shares of National Fertilizers Ltd. gained the most among the group after rising 6% to hit record high. This was followed by Madras Fertilizers Ltd. and Chambal Fertilizers & Chemicals Ltd. However, most of these stocks slipped into losses as the budget announcement progressed.

Sitharaman also announced that it will implement digital public infrastructure for agriculture and will also conduct digital kharif crop survey in 400 districts over fiscal 2025.