Rashtriya Chemicals shares climb 7% as govt grants ‘Navratna’ status

Shares of Rashtriya Chemicals & Fertilizers Ltd rose nearly 7% today after the government granted Navratna status to the company. Rashtriya Chemicals shares rose 6.79% to Rs 130.40 against the previous close of Rs 122.10 on BSE. Market cap of the firm climbed to Rs 7039.54 crore. Total 9.42 lakh shares of the firm changed hands amounting to a turnover of Rs 11.82 crore on BSE.

Earlier, the stock opened lower at Rs 121.10 . Stock of Rashtriya Chemicals has gained 25.78 per cent in a year and fallen 3.74 per cent in 2023. The share hit a 52-week high of Rs 144.80 on December 15, 2022 and a 52-week low of Rs 89.50 on March 28,2023.

In terms of technicals, the relative strength index (RSI) of Rashtriya Chemicals stock stands at 64.5, signaling it's neither trading in the overbought nor in the oversold zone. The stock has a beta of 1.1, indicating high volatility in a year. Rashtriya Chemicals shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

"We would like to inform that Department of Public Enterprise, vide its letter no PD-1-26/0003/2023-DPE dated August 29, 2023 has granted the Navratna Status to Rashtriya Chemicals and Fertilizers Limited,” said Rashtriya Chemicals in a communication to the bourses.

A Navratna company refers to a firm which has been granted greater autonomy and financial powers by the Indian government in recognition of their superior performance. The term ‘Navratna’, means nine gems and is used metaphorically to suggest that these companies are like the nine precious gems that shine brightly in the crown of Indian PSEs.

Rashtriya Chemicals and Fertilizers Limited is a fertilizer and chemical manufacturing company. The company manufactures Urea, Complex Fertilizers, Bio-fertilizers, Micro-nutrients, water soluble fertilizers, soil conditioners and a range of Industrial Chemicals. The Company operates through three segments, including Fertilizers, Industrial Chemicals and Trading.

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