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Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), Gujarat State Fertilizers & Chemicals (GSFC), Nagarjuna Fertilizers and Chemicals, Zuari Agro Chemicals, Rashtriya Chemicals & Fertilizers (RCF) and Southern Petrochemicals (SPIC) were up more than 2% on BSE. In contrast, the benchmark S&P BSE Sensex was up 0.40% at 31,622 points at 10:54 AM. Shares of fertilizers companies rallied up to 11% on BSE in intra-day trade on the back of heavy volumes.
Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), Gujarat State Fertilizers & Chemicals (GSFC), Nagarjuna Fertilizers and Chemicals, Zuari Agro Chemicals, Rashtriya Chemicals & Fertilizers (RCF) and Southern Petrochemicals (SPIC) were up more than 2% on BSE. In contrast, the benchmark S&P BSE Sensex was up 0.40% at 31,622 points at 10:54 AM. Shares of fertilizers companies rallied up to 11% on BSE in intra-day trade on the back of heavy volumes.
GNFC hit a record high of Rs 359, up 11% in intra-day trade, up-scaling by 7% rally on the BSE. The trading volumes on the counter jumped more than four-fold with a combined 5.79 million shares changed hands on the BSE and NSE so far.
Last week, the rating agency CRISIL assigned its ‘CRISIL A+’ rating to GNFC for its commercial paper programme.
With a strong market position in the industrial chemicals segment, GNFC primarily produces toluene di-isocyanate (TDI), aniline, ammonium nitrate, formic acid, acetic acid, and nitric acid. Not only this, it also enjoys the market leadership position in TDI chemical, as the singular producer in India and South East Asia.
CRISIL in a statement said “Reduction of debt of Rs 1,100 crore in fiscal 2017, backed by the realization of subsidy receivables and scheduled repayments, has significantly strengthened capital structure: gearing reduced to 0.51 times as on March 31, 2017, from 1.16 times a year earlier. Debt protection metrics have improved too; interest coverage and net cash accrual to total debt ratios improved to 3.4 and 0.35 time, respectively, in fiscal 2017 from 2.5 times and 0.1 times, respectively, the previous fiscal”.
CARE Ratings considers that there will be an additional growth in the path of the financials of the fertilizer manufacturing companies as the policies introduced to aid the fertilizer sector are playing in good turn.
Earlier this year, GNFC declared the best Q1 result in last ten years. Its PBT up 106%, Revenues up 11%, EBDITA up 21%, and Fertilizer sales volume up 27%.
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