Agri-linked firms extend gains on ‘above-normal’ monsoon forecast
Shares of fertiliser, irrigation systems and agri machinery manufacturers continued to hog limelight for the second consecutive day, rising up to 7 per cent, on forecast of “above-normal” monsoon this year. From the auto pack, Mahindra & Mahindra jumped 7.40 per cent and VST Tillers Tractors rose 3.14 per cent. The stock of Coromandel International soared 5.55 per cent, Kaveri Seed Company 5.23 per cent, Fertilizers and Chemicals Travancore 5.17 per cent and Insecticides (India) 4.54 per cent on BSE. Among others, Rashtriya Chemicals and Fertilizers went up 3.94 per cent, Rallis India 3.83 per cent, National Fertilizers 1.81 per cent, Jain Irrigation Systems 0.79 per cent, Chambal Fertilisers and Chemicals 0.75 per cent and Deepak Fertilisers and Petrochemicals 0.45 per cent.
These stocks had gained up to 16 per cent in the previous session also. After two consecutive drought years, the country will receive above-normal monsoon with a fair distribution of rainfall across major parts of country and it will be a “good year”, the India Meteorological Department (IMD) predicted on Tuesday, easing farm concerns.