Stocks from the fertilizer segment have rose in intra-day trade by up to 8%. With Coromandel International and Bayer CropScience touching their 52-week high price on May 27, 2020.
Shares in Coromandel surged after the company in its March ended results reported a jump in EBITDA by 51% to Rs. 391 crore as against Rs. 259 crore in the same quarter of FY19.
Also EBITDA margins at the firm soared by 380 bps to 13.6% from 98% in Q4FY19.
Other stocks in the pack also inched higher by up to 5% including the likes of Zuari Industries, Nagarjuna Fertilisers, Basant Agro and Rana Phosphates.
Even as other stocks across sectors have been facing the brunt due to covid 19, the underlying demand is pushing up stock price of companies in this segment. As per a brokerage report, in the month of April, sales of fertilizers were up 47%. Also, volume wise there has been reported a year on year surge of up to 194%.
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