Agri-related stocks in focus; UPL, RCF, Escorts rally up to 17%

IBM Business has said that India should prepare for above-normal rainfall during the 2020 monsoon
Shares of agri-related companies rallied up to 17 per cent on the BSE on Wednesday after the government, in its detailed guidelines, allowed activities like agricultural, horticultural, farming, procurement of agri products and 'mandis' after April 20.

The agrochemicals and fertilsers companies like UPL, Rashtriya Chemicals & Fertilizers (RCF), Deepak Fertilisers & Petrochemicals Corporation, Chambal Fertilisers & Chemicals and tractor manufacturer Escorts were up between 10 per cent and 17 per cent on the BSE.

Godrej Agrovet, Rallis India, Gujarat State Fertilizers & Chemicals, Gujarat Narmada Valley Fertilizers & Chemicals, Coromandel International and Dhanuka Agritech were up in the range of 5 per to 9 per cent. In comparison, the S&P BSE Sensex was up 2.3 per cent at 31,425 points at 11:01 am.

The Ministry of Home Affairs (MHA) on Wednesday issued detailed guidelines for the implementation of the extended lockdown in the country, allowing select services to resume operations from April 20.

Meanwhile, the India Meteorological Department (IMD) will issue the first stage Long Range Forecast (LRF) for south-west Monsoon season (June-September) rainfall on today.

Last week, the US-based Weather Company, an IBM Business, said that India should prepare for a slightly earlier-than-normal onset (May 31) and above-normal rainfall (105 per cent) during the 2020 monsoon.

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