Rashtriya Chemicals stock goes up by 7% after the government gives it “Navratna” title.

Rashtriya Chemicals shares went up 6.79% to Rs 130.40 on BSE. They had been at Rs 122.10 at the end of the day before. The company’s market value went up to Rs 7039.54 crore.

Rashtriya Chemicals & Fertilisers Ltd. stock went up almost 7% today after the government gave the company Navratna status. Rashtriya Chemicals shares went up 6.79% to Rs 130.40 on BSE. They had been at Rs 122.10 at the end of the day before. The company’s market value went up to Rs 7039.54 crore. On BSE, a total of 9.42 lakh shares of the company changed hands, which brought in Rs 11.82 crore.

The stock started off at Rs 121.10, which was a lower price. Rashtriya Chemicals stock has gone up by 25.78% in a year, but it has gone down by 3.740% in 2023. On December 15, 2022, the share hit a 52-week high of Rs 144.80 and a 52-week low of Rs 89.50.

In terms of technicals, Rashtriya Chemicals stock’s relative strength index (RSI) is at 64.5, which means it is neither overbought nor oversold. The stock’s beta is 1.1, which means that it will be very volatile over the next year. Rashtriya Chemicals shares are trading higher than their 5, 20, 50, 100, and 200-day moving averages.

In a letter to the bourses, Rashtriya Chemicals and Fertilisers Limited said, “We’d like to let you know that the Department of Public Enterprise has given Rashtriya Chemicals and Fertilisers Limited Navratna Status.” The letter was dated August 29, 2023 and had the number PD-1-26/0003/2023-DPE.

A Navratna company is one that has been given more independence and financial power by the Indian government as a reward for doing a good job. The word “Navratna” means “nine gems,” and it is used to mean that these companies are like the nine valuable gems that shine brightly in the crown of Indian PSEs.

A corporation that manufactures chemicals and fertilisers is called Rashtriya Chemicals and Fertilisers Limited. The business produces urea, a variety of industrial chemicals, water soluble fertilisers, complex fertilisers, bio-fertilizers, micronutrients, and soil conditioners. Fertilisers, industrial chemicals, and trading make up the company’s three business sectors.

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Ajith Kumar

Ajith Kumar

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