Shares of Rashtriya Chemicals and Fertilizers Ltd (RCF) skyrocketed 10% and hit a 52-week high of Rs 244.9 on 12 July after the Board of Directors of the company approved the purchase order worth Rs 515 crore for Topsoe A/s to procure a Basic Engineering Design Package and supply proprietary equipment and catalyst.

This initiative aims to modernize the Ammonia Plant at RCF Thai, focusing on reducing specific energy consumption. The announcement, made in compliance with SEBI regulations, has positively impacted investor sentiment, boosting the stock price.

According to the company’s regulatory filing, the order must be completed within 36 months.

RCF is a public sector fertilizer and chemical manufacturer. Established in 1978 after the reorganisation of the former Fertilizer Corporation of India Ltd. into five separate entities, it operates two main units: one in Trombay, Mumbai, and another in Thal, Raigad district, located about 100 km from Mumbai.

RCF’s product portfolio includes Neem Urea, Complex Fertilizers, Bio-Fertilizers, Micro Nutrients, and 100% Water-soluble fertilizers. Additionally, it manufactures essential chemicals such as Ammonia, Methanol, Methylamine, Ammonium Nitrate, Nitric Acid, Sulphuric Acid, and Sodium Nitrate.

At 3:30 pm, the shares of Rashtriya Chemicals closed 3.05% higher at Rs 229.30 on NSE.

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