Homemarket Newsstocks News

Deepak Fertilizers stock jumps over 10% on news of import duty cut in Budget 2020

Deepak Fertilizers stock jumps over 10% on news of import duty cut in Budget 2020

Deepak Fertilizers stock jumps over 10% on news of import duty cut in Budget 2020
Profile image

By Mousumi Paul  Jan 27, 2020 11:39:13 AM IST (Published)

Deepak Fertilizers and Petrochemicals share price jumped over 10 percent intraday on Monday over rumours of government considering import duty cut on raw material for fertilizer companies in the forthcoming budget.

Deepak Fertilizers and Petrochemicals share price jumped over 10 percent intraday on Monday over rumours of government considering import duty cut on raw material for fertilizer companies in the forthcoming budget.

Recommended Articles

View All

At 10:05 am, the stock price was trading 6.88 percent higher at Rs 122.75 per share on the NSE, while on an intraday basis it jumped 10.27 percent to Rs 126.65.
Lower import duty on raw material like rock phosphate and sulphur used for manufacturing of DAP (Diammonium phosphate) would help boost domestic production and cut in import bill, reported PTI.
Currently, there is an import duty of 5 percent on such imports and the country imports about 95 percent of its DAP requirement from global markets.
According to the report, the commerce ministry has suggested its finance counterpart to rationalize basic customs duty on over 300 items to boost domestic manufacturing and cut in the rising import bill.
In 2018-19, the country imports rose by about 9 percent to $507.44 billion.
With PTI inputs
Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Most Read

Market Movers

View All
Top GainersTop Losers
CurrencyCommodities
CompanyPriceChng%Chng