LPL is one of the largest producer and supplier of Single Super Phosphate (SSP) - Powder & Liberty Phosphate Ltd. (LPL) (FV ` 10/-) ` 71.
|
|
- Jasper Allison
- 5 years ago
- Views:
Transcription
1 10 August 2012 Liberty Phosphate Ltd. (LPL) (FV ` 10/-) ` (09/08/12) BUY LPL is one of the largest producer and supplier of Single Super Phosphate (SSP) - Powder & Granulated - in the country with a capacity to produce 5,62,000 MTPA. The Group as a whole caters to about 18% of the SSP fertilizer demand in the country. It also has capacity to produce NPK (Nitrogen, Phosphate & Potash) fertilizers up to 1,65,000 MTPA. SSP is a high-in-demand fertilizer mostly used at the time of preparation of land for farming. It is a straight phosphatic multinutrient fertilizer which contains 16% water soluble Phosphorus Penta Oxide (P2O5), 12% sulphur, 21% calcium and some other essential micro nutrients in small proportions. SSP accounts for ~5% of the total fertilizer consumption in the country. A CONSILIUM INFORES & ADVISORS INITIATIVE FOR BALANCE EQUITY BROKING (INDIA) PVT LTD
2 Highlights BSE SENSEX/S & P NIFTY / Sector Fertilizers Market Cap./Free Float (` Crs.) 103/46 Market Price as on 09/08/12 ` (FV `10/-) Week High/Low ` 97.50/45 Equity Shares Outstanding (in Crs.) 1.44 P/E Ratio (Times) (for FY 12) 1.8 P/B (Times) (for FY '12) 0.8 EV/EBITDA (Times) (FY 12) 1.4 ROE % (FY 12) 41.6 Shareholding Pattern as on June 12 (%) Share Price Performance u SSP is considered to be poor farmer s fertilizer as it is cheaper to Di Ammonium Phosphate (DAP) in terms of nutrients and provides an option to optimize use of phosphatic fertilizers. It fulfills the higher requirements of sulphur & phosphate in several crops such as oilseeds, pulses, sugarcane, tea, fruits & vegetables etc. u Government wants to encourage use of SSP as it is entirely produced in domestic sector to reduce dependence on imports of potassic-phosphatic (P&K) fertilizers. u Nutrient Based Subsidy (NBS) policy is a long term positive for fertilizer industry with free market mechanism. u Company has comfortable debt position of 0.53 x. Net debt is negligible with ` 65 Crs. of cash & cash equivalents. Cash forms about 60% of market cap of the Company. u Prices of Rock phosphate, the main raw material, have gone up by about 50% in FY 12. This combined with lower subsidy in FY 13 and poor monsoon conditions does not augur too well for SSP manufacturers. u Delay in subsidy payment, uncertainty of monsoon, volatile international market of raw material, seasonal consumption of fertilizer (2 months per year), logistics availability and cost and high requirements of working capital shall remain the concern for the industry. u Fertilizer stocks have reacted to the drought like situation in many parts of the country. We believe that it is good time to accumulate goods stocks in the sector for decent returns over a period of one year.
3 Background Liberty Phosphate Ltd. is the largest producer and supplier of SSP (Powder & Granulated) in India. It plans to boost its SSP production capacity from 5,62,000 MTPA to MTPA. Apart from SSP it also manufactures NPK Mix Fertilizers & Magnesium Sulphate. It also trades in some fertilizer raw materials & finished products like Rock Phosphate, DAP, Urea, Muriate of Potash (MOP), Triple Super Phosphate (TSP), Mono Ammonium Phosphate (MAP), Water soluble specialty fertilizers and sulphate of Potash. The Company has six manufacturing units situated at Udaipur & Kota in Rajasthan, Nandesari in Gujarat, Pali in Maharashtra, Nimrani in MP and Hospet in Karnataka. Multiple locations of plants allow Company to service demand speedily. Company is planning to set up 1,32,000 MTPA SSP plant at Rae Bareilly in the State of Uttar Pradesh, where Plant & Machinery is under erection, and commercial production is likely to commence sometime in FY 13 to cater to the demand of North and East India. Company recently completed capacity expansion at its Nandesari unit from 1,00,000 MTPA to 1,98,000 MTPA. It has applied for capacity expansion at Kota from 1,32,000 MTPA to 1,98,000 MTPA. It plans to expand capacity at Pali from 66,000 MTPA to 1,32,000 MTPA. The Company s brand of Agri Inputs DOUBLE HORSE is well accepted in the market as premium quality product. It is in advanced stage of talks with other manufacturers to roll out newer products so as to have a larger basket of offerings to its customers. LPL has one 100% subsidiary called Liberty Pesticides & Fertilizers Ltd. Subsidiary has very small operations with revenues of ` 0.24 Crs. in FY 12. The raw material required for manufacturing process of SSP are Rock Phosphate & Sulphuric Acid. Indigenous rock phosphate is available in plenty from Jhamarkotra mines, Udaipur. Sulphuric Acid is supplied by Hindustan Zinc Ltd. situated at Udaipur. Presently the company purchases about MT per month of Sulphuric Acid for its various units by way of Long Term Agreement with Hindustan Zinc Ltd. It is also planning to enter in to an agreement for supply of Sulphuric Acid, for its new projects at fixed price for a minimum period of 3 years. The Company plans to set up more units in other States like Haryana, Central Madhya Pradesh and Andhra Pradesh and increase its production capacity to One Million MTPA. Existing & Proposed Capacity (in MTPA) Plant Location Existing Capaicty Additions Total Capacity Nandesari - Gujarat Kota - Rajastan Udaipur - Rajastan Pali - Maharashtra Raie Bareilly - UP Total
4 Government regulations/subsidy The Ministry of Chemicals and Fertilizers approved the NBS in March 2010, in an effort to decontrol prices, moving away from regulated returns in complex fertilizers to import parity realizations. Since the announcement, fertilizer sales volumes have risen significantly. For example, in FY11, sales of complex fertilizers other than DAP rose by ~40% despite a significant increase in prices. Under the new regime, there is a fixed subsidy for nutrients and unlike in the past, when the government set the MRP, the current regime lets manufacturers determine their own selling prices. MRP is expected to fluctuate depending on price variations in fertilizers & raw materials in international markets. Finance Act, 2012 has given stimulus to the fertilizer industry. The government announced that investment linked deduction of capital expenditure incurred, is proposed to be provided at an enhanced rate of 150% as against 100% at present for fertilizers. It has exempted 5% customs duty on import of equipment for initial setting up or substantial expansion of fertilizer projects for a period of three years. This move should encourage new entrants and expansion of capacity by existing players. The focus would now be to encourage the use of SSP more, because, subsidy on SSP is easy to control and product is good for the crops as well. Basic customs duty on a few soluble fertilizers and liquid fertilizers, other than urea, has been reduced from 7.5% to 5% and from 5% to 2.5% respectively. On 29th March 12 the Government announced the revised nutrient subsidy rates applicable for FY13. Nutrient subsidies have declined substantially as compared to FY 12, with the largest decline in Phosphorus mainly to reduce subsidy outgo in line with declining raw material prices. Urea still remains the cheapest fertilizer and hence overused by Indian farmers impacting soil quality. Subsidy on SSP ( ) has been fixed at ` 3673 per MT. In order to ensure quality of SSP, the SSP manufacturers are required to produce a certificate of quality issued by the State Governments in which the units are located. The units are required to write/print Quality Certified on each bag of the SSP. Only those SSP manufacturers are allowed to claim subsidy, which produce 50% of the annual installed capacity or 40,000 MTs per annum. The SSP units are allowed to claim 85% On Account payment of concession to be settled subsequently by Department Of Fertilizers (DOF) based on the certification of sales issued by the State Governments. In addition to subsidy per kilo of NBS for Phosphate and Sulphur in the SSP, a lumpsum freight subsidy is also allowed. As per latest reports freight subsidy is discontinued. Government is considering change in the method of computation of subsidy on P&K fertilizers grades having less than 85% water soluble P2O5 content. Nutrient based Subsidy - ` per kg. of Nutrient Nutrients/Year (`) FY '13 FY '12 % change Nitrogen Phophorus Potassium Sulphur
5 SSP supply & demand Domestic production of SSP has been stagnant for the past 4 years at around 2.8 million MT/year. Growth in production has slowed down significantly but is expected to pick up going forward. Several leading fertilizer companies have indicated their interest in the SSP field and have already announced plans to set up plants. The total domestic capacity is expected to increase significantly over the next couple years, which could reduce the country s dependence on imports. SSP imports vary significantly as per the demand and supply in the country. For most of FY12, imports were far below their levels in 2009, however, imports increased significantly toward the end of Import prices are at all time highs because raw material prices are soaring. Import prices in December were ~ ` 29,000/tonne. Coromandel International, a Murugappa group company is setting up a green field 800 MT per day plant of SSP in Punjab at an estimated cost of ` 116 Crs. Chambal Fertilizers is setting up 5 lac MT plant at Dahej in Gujarat at a cost of ` 122 Crs., apart from 2 lacs MT plant in Kota district of Rajasthan with an outlay of ` 32.5 Crs. Rashtriya Chemicals & Fertilizers has entered SSP market with 60,000 MT plant at Udaipur, with plans to set up total capacity of 1 MT in the company. Domestic players are adding capacities but additional supplies could take over a year to reach the market. In the meanwhile, the present SSP manufacturers could be benefited from higher demand and realizations with subsidy rates fixed for the full year of FY 13. However, such an increase in capacity could also adversely affect raw material prices (which have been on the uptrend) as there are no significant phosphate rock capacities expected anytime soon across the globe. India imports majority of its raw material for SSP production and being a large player in the global market, could pressurize suppliers to maintain prices. After announcement of NBS, production of complex fertilizers have been increasing at a much higher pace than urea. As per Government estimates, complex fertilizer production (including SSP) is expected to increase by ~ 28% in FY 13.
6 Financials Company s profitability for FY 12 improved due to cost control & higher capacity utilization resulting in operating leverage. However, Receivables days of the Company doubled to 125 days in FY 12 from about 63 days in FY 11. During the year under review, Company achieved production of 4,83,053 MT of SSP, NPK Mixed Fertilizers and Magnesium Sulphate as against 3,86,016 MT in the previous year, recording growth of 25.14%. Out of the total raw material consumption of ` 254 Crs. for FY 12, 36% was imported. Rock Phosphate (74%) and Sulphuric acid (23.5%) constitutes 97-98% of raw material requirements. Company has 8% Red. Cum. Preference shares of ` 5 Crs. issued in FY 08. The preference shares are redeemable in five installments from sixth year from date of allotment. Revenue Distribution FY 12 (%)
7 Financials Period Ended (` Crs.) FY '10 FY '11 June '11 Sept. '11 Dec. '11 March '12 FY '12 Net Sales (Inc.)/Dec. in stock & WIP Raw Materials Purchase of Traded Goods Employee Cost Selling & Dist. Exp Other Exp Total Expenditure EBITDA EBITDA Margin (%) Depreciation Interest Taxation Other Income Non Recurring items Forex Loss/(Gain) Net Profit Net Profit Margin (%) Equity Capital (FV ` 10/-) Equity Shares (in Crs.) Reserves EPS (`) Book Value (`) ROE (%) Note: 1. Profits are calculated without considering prior period adjustments & forex gain/loss. 2.Dept. of Fertilisers issued two circulars in July & Oct. 11 with regard to recognition of subsidy income on opening inventories as on 1/4/11/. Industry players based on legal opinion have not considered the impact, which if considered, would reduce sales & net profit of FY 12 by ` Crs. & ` 7.14 Crs. respectively.
8 Comments u In case of P&K fertilizers, use of SSP is being encouraged. SSP is manufactured entirely in the domestic sector and enhanced production can bring down India s dependence on imports in the P&K sector. u A possible decontrol in urea pricing could lead to a significant jump in its price and hence, loss of attractiveness. Presently the price of Urea is ~ ` 5.3/kg while that of SSP is ~ ` 6.0/kg and DAP ~ ` 19.0/kg. Even without decontrol SSP prices are attractive enough for the use by farmers. u As DAP consists of 46% phosphorous (compared to 16% in SSP), it is more impacted by phosphorous prices. A higher reduction in subsidy on phosphorous for FY 13, and in turn on DAP, has helped SSP become more competitive vis-à-vis DAP. This situation can reverse only in case of large fall in phosphorus & in turn DAP prices. u Prices of Sulphur and rock phosphate, the main raw materials for the SSP manufacturers have been rising for the past 1-2 years. Any further increase can put pressure on the margins. u Any change in government policy on subsidy, pricing, imports and distribution of fertilizers can impact Company. Any further depreciation in rupee can result in to forex losses for the SSP manufacturers as they are net importers of rock phosphate without any natural hedge. u With the planned addition in the capacities by existing & new players, industry might face a situation of oversupply and hence pressure on margins. u Considering the price-nutrient advantage as compared to DAP & Urea, SSP manufacturers are expected to perform well in the near to medium term. u Company is available at less than 2x its historical earnings. Although we acknowledge poor monsoon and delayed and uncertain subsidy payments as main concerns, we feel that the Company should give decent returns over medium term. Company has much better debt & cash position compared to its peers in the industry.
9 Industry There are about 139 fertilizer plants in the country, out of which 80 plants produce SSP with installed capacity of ~ 79 lacs MT. Consumption of SSP in the country is estimated to be about 30 lacs MT. SSP contributes to 6.6% of total phosphatic inputs in India. As per data released by International Fertilizer Association in 2007, there is high correlation between yield per hectare of cereals, paddy and pulses and use of SSP. India is the third largest producer and consumer of fertilizers in the world. Fertilizer consumption increased from 20.3 MTPA in FY 06 to ~29.2 MTPA in FY 11 led by a rise in phosphorous consumption, which rose from ~5.2 MTPA in FY 06 to ~9.4 MTPA in FY 11. The consumption growth in FY 12 was 7% as against 14% in FY 11. Fertilizer demand is expected to rise at a CAGR of ~8% to ~40-45 MTPA in FY 16. Phosphorous is expected to account for a bulk of that increase at a CAGR of ~15% to ~16-18 MTPA in FY 16,following increased availability of complex fertilizers after the Nutrient Based Scheme (NBS) came into effect. Producers are now given a subsidy on the volume of nutrient sold as opposed to that on the volume of product sold earlier. This gives the producers incentive to sell other fertilizers besides urea and DAP. Fertilizer consumption per tonne of grain production has increased over the years. SSP is a chemical Fertilizer which contains Phosphorus as a major plant nutrient. It is relatively very cheap and contains many micro nutrients like Calcium, Magnesium, Iron, Aluminum, Sulphur and Gypsum. The Gypsum works as a soil conditioner. The SSP is manufactured by the reaction of finely grounded Rock Phosphate with diluted Sulfuric Acid. Manufacturing of SSP is based on perhaps the simplest chemical reaction amongst chemical fertilizer industry. SSP is a straight phosphatic multi-nutrient fertilizer which contains 16% water soluble Phosphorus Penta Oxide (P2O5), 12% sulphur, 21% calcium and some other essential micro nutrients in small proportions. The Rock phosphate is available in Jordan, Egypt, India, China, Israel, Morocco, Syria, Senegal and many other African countries. The Sulfuric Acid is produced by using Sulphur as raw material. SSP is cost effective fertilizer, for small & marginal farmers as it provides phosphorous and sulphur at lower cost. Major portion about 40% - of agricultural land in India is Sulphur deficient, and it adversely affects the crop yield. N, P, K & S in proper ratio increases fertility of soil. SSP fertilizer contains Sulphur and Calcium besides Phosphorus, so it is an ideal manure to eliminate sulphur deficiency of soil resulting into increase in yield of pulses, groundnut etc. to a great extent. NBS policy announced in May 10 recognized SSP as key fertilizer as NBS brought the price parity to the farmers for P&K fertilizers based on nutrient content. It also enabled a level playing field for all fertilizers based on nutrient content. As the P component is also offered by both DAP & SSP, the consumption of SSP increased due to price advantage. Production of SSP was almost stagnant during last decade. Positive policy change has resulted in higher production and capacity utilization. The SSP is available in powder and granulated form. The Powder form is called as PSSP and the granulated form is called as GSSP. The PSSP and GSSP are available in two grades. Grade A and grade B. The grading is done on the basis of water soluble P2O5 present in the product. The A grade contains 16% water soluble P2O5 and the B grade contains 14% water soluble P2O5. The granulated Super phosphate is some what costlier in comparison to PSSP because of the cost of granulation. The GSSP dissolves slowly in the water present in the soil so it is available to the crops for a longer time. The free Phosphoric acid present in the SSP is very useful for alkaline soils. The PSSP & GSSP are white, cream, gray, brown or black in colour and packed in 50 kg. bags.
10 Under the use of new method of sowing, seeds and granular fertilizers are used at the time of sowing only. This has resulted into shifting of fertilizer demand from powder to granular fertilizers. In view of this, LPL has enhanced production capacity of Granulated SSP from 2,47,500 MT/annum to 3,30,000 MT/annum during FY 12. In various crops, which require more of sulphur and phosphate like oilseeds, pulses, sugarcane, fruits and vegetables, tea etc, SSP is an essential fertilizer. Advantages of using SSP 1. Provides 15% of total phosphate requirements of the country. 2. Lowest price per kg, preferred by small and marginal farmers. 3. Multi-nutrient fertilizer containing P2O5 as primary nutrient and Sulphur and Calcium as secondary nutrients. 4. It is the cheapest source of Sulphur for the soil. 5. Only phosphatic fertilizer which can utilize Indian rock phosphate deposits. 6. Least foreign exchange per unit of P2O5. 7. Utilizes acid effluent from other chemical industry and thus reduces nation s cost of effluent disposal.
11 DISCLAIMER This document has been prepared by Consilium InfoRes & Advisors (Consilium) for Balance Equity Broking (India) Pvt. Ltd (Balance). This Document is subject to changes without prior notice and is intended only for the person or entity to which it is addressed to and may contain confidential and/or privileged material and is not for any type of circulation. Any review, retransmission, or any other use is prohibited. Kindly note that this document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Though disseminated to all simultaneously, not all may receive this report at the same time. Consilium and Balance will not treat recipients as customers by virtue of their receiving this report. The information contained herein is from publicly available data or other sources believed to be reliable. While we would endeavour to update the information herein on reasonable basis, Consilium and Balance, its subsidiaries and associated companies, their directors and employees are under no obligation to update or keep the information current. Also, there may be regulatory, compliance, or other reasons that may prevent Consilium and Balance and their affiliates from doing so. This document is prepared for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. We do not undertake to advise you as to any change of our views. Affiliates of Consilium and Balance may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Consilium and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Consilium and Balance and/or their affiliates may have used the information set forth herein before publication and may have positions in, may from time to time purchase or sell or may be materially interested in any of the securities mentioned or related securities. Consilium and Balance may from time to time solicit from, or perform investment banking, or other services for, any company mentioned herein. Without limiting any of the foregoing, in no event shall Consilium and Balance, any of their affiliates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. Any comments or statements made herein are those of the analyst and do not necessarily reflect those of Consilium and Balance. Please send us your feedback on feedback@consilium.in or feedback@balance-equity.co.in Consilium InfoRes & Advisors 209/10 Mittal Commercia, C Wing off Andheri Kurla Road (M.V.Road) Marol Andheri (E) - Mumbai-59. Tel: , Telefax: Balance Equity Broking (India) Pvt. Ltd 209/10 Mittal Commercia, C Wing off Andheri Kurla Road (M.V.Road) Marol Andheri (E) - Mumbai-59.
SINGLE SUPER PHOSPHATE
PROJECT REPORT FOR MANUFACTURE OF SINGLE SUPER PHOSPHATE 350 TPD PSSP WITH 300 TPD GSSP ON THE BASIS OF 300 WORKING DAYS AT VILLAGE: DHORIA TEHSIL : NIMBAHEDA DIST. CHITTOR GARH BY `ANAPOORANA FERTILIZER
More informationMundra Port country s biggest private port - handled 82 MMT of cargo in FY 13 and is
Adani Ports & Special Economic Zone Ltd. (APSEZ) ` 149.9 (17/06/13) BUY Mundra Port country s biggest private port - handled 82 MMT of cargo in FY 13 and is expected to reach 100 MMT mark in the current
More informationJune 8 th, 2018 I Industry Research
Fertilizer Industry FY18 Update outlook for FY19 Contact: Madan Sabnavis Chief Economist madan.sabnavis@careratings.com 91-022- 6754 3489 Urvisha H Jagasheth Research Analyst urvisha.jagasheth@careratings.com
More informationDCM Shriram Consolidated Limited. Q1 FY14 Results Presentation July 30, 2013
DCM Shriram Consolidated Limited Q1 FY14 Results Presentation July 30, 2013 Safe Harbour Certain statements in this document may be forward-looking statements. Such forwardlooking statements are subject
More informationRating Methodology for Fertilizer Companies
Rating Methodology for Fertilizer Companies Industry Overview Fertilizers supply the essential nutrients for crops and thus play an important part in ensuring self sufficiency of food grain production
More informationDCM SHRIRAM CONSOLIDATED LIMITED. Results Presentation Q3 & 9M FY February 2011
DCM SHRIRAM CONSOLIDATED LIMITED Results Presentation Q3 & 9M FY2011 1 February 2011 Safe Harbour Certain statements in this document may be forward-looking statements. Such forward-looking statements
More informationFERTILISER INDUSTRY IN INDIA
Chapter 3 FERTILISER INDUSTRY IN INDIA With over one billion people, India is the second most populous country in the world. During 1999-2000. the food production achieved an all time high record of 208.9
More informationAn overview of production and consumption of major chemical fertilizers in India
2017; 6(6): 2353-2358 E-ISSN: 2278-4136 P-ISSN: 2349-8234 JPP 2017; 6(6): 2353-2358 Received: 09-09-2017 Accepted: 10-10-2017 Praveen Desai Research Scholar, Department of of Agriculture [UAS-D], Dharwad,
More informationIndia s Positioning in the Global Fertilizer Industry
Market Update Kg/Hectare Arable Land India s Positioning in the Global Fertilizer Industry Country-Wise Consumption of Fertilizers 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000-6898.7 2759.6 1750 157.52
More informationYears Net sales EBITDA Net Profit EPS P/E
GUJARAT STATE FERTILIZERS & CHEMICALS LTD Result Update: Q4 FY 11 C.M.P : Rs.342.00 Target Price : Rs.390.00 Date : 23 rd June 2011 BUY Stock Data: Sector: Face Value Rs. Fertilizers Rs.10.00 52 wk. High/Low
More informationACCUMULATE. Gujarat State Fertilizers & Chemicals Ltd. ISO 9001:2008 Certified Company. Investment rationale Benefits from nutrients based subsidy
ACCUMULATE 10 Jan, 2011 Key Data (`) CMP 334 Target Price 357 Key Data Bloomberg Code GSFC IN Reuters Code GSFC.BO BSE Code 500690 NSE Code GSFC Face Value (`) 10 Market Cap. (` mn) 26,618 52 Week High
More informationContent. Monsoon Report and Sowing Update. Highlights. Southwest Monsoon: A flashback of Southwest Monsoon A slow beginning
Content Highlights Southwest Monsoon: A flashback of 2011 Southwest Monsoon 2012- A slow beginning Hike in MSP of Kharif crops Sowing Progress of Kharif crops - Cereals - Pulses - Oilseeds - Cotton - Sugarcane
More informationAgricultural Equipment India
Agricultural Equipment India January 2015 Executive Summary Market Overview Global agricultural equipment market is expected to grow at a CAGR of x% through to to reach INR yy bn in Huge demand from Asia
More informationJ.K. AGRIGENETICS LTD.(JKAGRI)
J.K. AGRIGENETICS LTD.(JKAGRI) Date : 27 th September, 2012 Stock Performance Details Background Current Price : Rs. 315.00** Face Value : Rs. 10 per share 52 wk High / Low : Rs. 354.00 / Rs. 204.50 Total
More informationSarda Energy & Minerals Ltd Management Meet Note 13th January 2010
Not Rated Price (INR) 297 Target (INR) NA Return (%) NA Beta (Sensex) 1.79 Market Data Mar Cap (INR Mn) 9,815 Enterprise Value (INR Mn) 15,967 Total Shares (Mn) 34 Avg Qtr Dly Vol (000's) 329 Shareholding
More informationIndian Fertilizer Market
Indian Fertilizer Indian Fertilizer The Indian fertilizer industry has played a pivotal support role in the Indian agricultural industry. The growth in the use of chemical fertilizers amongst the farmers
More informationFertiliser Market Update
Fertiliser Market Update WMG Crop Update 7 th March 2013 Disclaimer In the event that this presentation contains forecasts or estimates in relation to fertiliser and grain prices (or any other matter)
More informationEFFECT OF DIFFERENT BLEND RATIOS OF POLY4 WITH MOP ON THE YIELD AND NUTRIENT UPTAKE OF RICE IN SICHUAN, CHINA
Sustaining the future. EFFECT OF DIFFERENT BLEND RATIOS OF POLY4 WITH MOP ON THE YIELD AND NUTRIENT UPTAKE OF RICE IN SICHUAN, CHINA ASA & CSSA Annual Meeting 2018 Enhancing productivity in a changing
More informationOverview of Indian Fertiliser and SWOT Analysis of Fertiliser Industry. Abstract
Overview of Indian Fertiliser and SWOT Analysis of Fertiliser Industry Prof. Prakash Ramdas Tambe, Assistant Professor, MBA(Agri), Post Graduate College of Agri Business Management, Talegaon Dabhade, Pune
More informationFUTURE PROSPECTUS OF INDIAN FERTILIZERS - A REVIEW
FUTURE PROSPECTUS OF INDIAN FERTILIZERS - A REVIEW Dr. M. RAJARAJAN Assistant Professor, Commerce Wing, DDE, Annamalai University, Annamalainagar - 608 002 Dr. T. SIVAKUMAR Assistant Professor, Department
More informationRatings criteria for the fertiliser industry. February 2018
Ratings criteria for the fertiliser industry February 2018 Criteria contacts Pawan Agrawal Chief Analytical Officer CRISIL Ratings Email: pawan.agrawal@crisil.com Ramesh Karunakaran Director Rating Criteria
More informationRatings criteria for the fertiliser industry. February 2018
Ratings criteria for the fertiliser industry February 2018 Criteria contacts Pawan Agrawal Chief Analytical Officer CRISIL Ratings Email: pawan.agrawal@crisil.com Ramesh Karunakaran Director Rating Criteria
More informationAimco Pesticides Limited
Aimco Pesticides Limited Date: 5 th January, 216 Stock Performance Details Shareholding Details September 215 Current Price : ` 47.75^ Face Value : ` 1 per share 52 wk High / Low : ` 82.9 / 3.9 Total Traded
More informationFertiliser Market Outlook
Fertiliser Market Outlook August 2017, Issue 11 Market Overview Proposed EU cadmium limit continues to raise questions over long-term phosphate sources Fertiliser discussions in Europe continue to centre
More informationPrices and Profitability of Fertilizers
33 Chapter 5 Prices and Profitability of Fertilizers Prices of fertilizers As fertilizer is an essential input for agricultural production, the Government s objective is to make this critical input available
More informationWE RE ABOUT SOLUTIONS
WE RE ABOUT SOLUTIONS Solutions to meet the growing demand for multi nutrients in Europe Presentation by J.T. Starzecki ArgusFMB, Athens October 2018 IMPORTANT NOTICES This document is produced for information
More informationDeterminants of Demand for Fertilizer: A Case for India
Determinants of Demand for Fertilizer: A Case for India Kalyan Chakraborty School of Business, Emporia State University, USA Email: kchakrab@emporia.edu ABSTRACT In India agriculture contributes 14 percent
More informationRating Methodology - Fertilizer Companies
RATING METHODOLOGY - FERTILIZER COMPANIES Rating Methodology - Fertilizer Companies Industry Overview Fertilizers supply the essential nutrients for crops and thus play an important part in ensuring self
More informationF I R S T C A L L BUY R E S E A R C H SYNOPSIS. Gujarat State Fertilisers & Chemicals Ltd (GSFC) Fertilizers. Date: 23 June 2010
C.M.P: Rs.233.35 Stock Data Sector Fertilizers Face Value(Rs) 10.00 Gujarat State Fertilisers & Chemicals Ltd (GSFC) 1 Year Comparative Graph GUJARAT STATE FERT 52 wk. High/Low (Rs.) 265.85/130.15 Volume
More informationWelcome! Rallis India Limited
Welcome! Rallis India Limited Q3-12 Performance V Shankar 23 rd January 2012 Rallis Consolidated 3 rd Quarter Crs Q3 2010-11 Q3-12 Net Sales 268.1 317.9 PBT 48.0 12.4 Add Depreciation 4.4 7.2 Add Interest
More informationPotash is the main source of fertiliser in the world. Potash demand is expected to be underpinned by a rapidly growing world population.
WHY POTASH? As the world s population increases, issues of food security are becoming more and more prominent. The amount of arable land is decreasing and what remains is being depleted of nutrients from
More informationLovable Lingerie Ltd. - IPO Note
Lovable Lingerie Ltd. - IPO Note Issue Details Issue Date March 08, 2011 March 11, 2011 Issue Size Rs.887-933mn Price Band Rs.195-205 FV Rs.10 Fresh Issue 4.55 mn equity shares QIB 50 % Non Institutional/HNIs
More informationS E A S O N A L COMMODITY INSIGHT
S E A S O N A L COMMODITY INSIGHT 12 th January 2015 Wheat Domestic Scenario India is the second largest producer of wheat in the world after China, contributing to about 13.66 per cent of the world s
More informationInvestor Presentation June, 2015
Investor Presentation June, 2015 1 Disclaimer This presentation contains forward-looking statements which may be identified by their use of words contains plans, expects, will, anticipates, believes, intends,
More informationGodawari Power & Ispat
2QFY12 Results Update Sector: Metals Godawari Power & Ispat BSE SENSEX S&P CNX 17,193 5,169 CMP: INR119 TP: INR198 Buy Bloomberg GODPI IN Equity Shares (m) 31.8 52-Week Range (INR) 224/108 1,6,12 Rel.
More informationHINDUSTAN TIN WORKS LTD.(HTWL)
HINDUSTAN TIN WORKS LTD.(HTWL) Date :17 th October, 212 Stock Performance Details Background Current Price : Rs. 47.6** Face Value : Rs. 1 per share 52 wk High / Low : Rs. 12.5 / Rs. 46.25 Total Traded
More informationMarket Alert. China NPK Statistical Update February Highlights. China Plant Nutrient Exports. Exports
Market Alert China NPK Statistical Update February Exports China Customs reported that high-analysis phosphate exports (DAP/ MAP/TSP) fell to 65,200 tonnes in February, a drop of 54% from uary and 58%
More informationICL Strategy March 2018
מטפחים את ההווה. מפתחים את העתיד. CULTIVATING THE PRESENT. DEVELOPING THE FUTURE. ICL Strategy March 2018 1 מטפחים את ההווה. מפתחים את העתיד. CULTIVATING THE PRESENT. DEVELOPING THE FUTURE. ICL Strategy
More informationVisit us at June 22, 2015
Visit us at www.sharekhan.com June 22, 2015 IFB Industries Discretionary player all set to cash-in on the urban revival View: Positive CMP: Rs526 Key points Presence in high-growth, underpenetrated categories:
More informationPG Electroplast Ltd. September 06, 2011
I P O N O T E PG Electroplast Ltd. September 06, 2011 Price Band Minimum Bid Lot Size Maximum Bid Lot Size : `190 210 per share : 30 Equity Shares : 930 Equity Shares IPO opens during : Sept 07 12, 2011
More informationRice Production and Nutrient Management in India
I n d i a Rice Production and Nutrient Management in India By K.N. Tiwari The demand for rice in India is projected at 28 million tonnes (M t) for the year 202 and will require a production level of 3,000
More informationA M E R O P A. Fertilizers. presentation for ASBA Cargo Conference in Miami FL. 28 Sept 2017
A M E R O P A Fertilizers presentation for ASBA Cargo Conference in Miami FL 28 Sept 2017 Overview What are Chemical (N P K) Fertilizers? Fertilizer Market Outlook to 2021 (Supply and Demand) Global Fertilizer
More informationAt a Glance. Area under wheat cultivation is on higher side compared to last year.
At a Glance Area under wheat cultivation is on higher side compared to last year. During October 1 st to December 15 th, area covered under wheat cultivation was 232.59 lakh hectares, up by 10.4% from
More informationCastor. Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Castor Castor (Ricinus communis L.) is a non edible oilseed, belonging to the Euphorbiaceae family. India is the world leader in castor production and dominates the international castor oil trade. The
More informationPerspective of Hind Lever Chemicals - Tata Chemicals merger proposal
Perspective of Hind Lever Chemicals - Tata Chemicals merger proposal January 24, 2003 9 Tata Chemicals Limited Dominant player in each operating segment Largest soda ash manufacturer with a highly integrated
More informationInvestor Presentation November, 2014
Investor Presentation November, 2014 1 Disclaimer This presentation contains forward-looking statements which may be identified by their use of words contains plans, expects, will, anticipates, believes,
More informationIndia. India Grain Voluntary Update - October 2017
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Voluntary - Public Date: 10/3/2017 GAIN Report Number:
More informationHindalco Industries Limited. Media s Analyst Meet 04 July 2018
Hindalco Industries Limited Media s Analyst Meet 04 July 2018 Forward Looking & Cautionary Statement Certain statements in this report may be forward looking statements within the meaning of applicable
More informationEIB -InnovFin event Tel Aviv. Jun 2016
EIB -InnovFin event Tel Aviv Jun 2016 Safe Harbor All statements in this communication, other than those relating to historical facts, are forward-looking statements within the meaning of Section 21E of
More informationInsecticides India Ltd(IIL) -Inlicensing initiativesto drive growth
Insecticides India Ltd(IIL) -Inlicensing initiativesto drive growth Content Index Insecticides India Limited Investment Snapshot :- Slide #3 Agrochemical Industry An Overview:- Slide #5 Investment Arguments
More informationTHE FERTILIZER (PRICE CONTROL) BILL, 2015
1 AS INTRODUCED IN LOK SABHA Bill No. 18 of 201 THE FERTILIZER (PRICE CONTROL) BILL, 201 BY SHRI RAJESH RANJAN, M.P. A BILL to provide for the fixing of maximum retail price of all fertilizers by the Central
More informationIPO NOTE. TCNS Clothing Co Ltd 13 th July Rating: Issue Summary: Face Value (Rs) 2
IPO NOTE TCNS Clothing Co Ltd 13 th July 2018 Rating: Issue Summary: Price Band (Rs) Face Value (Rs) 2 Market Lot 714 716/Share 20 shares Opens 18 th -July, 2018 Closes 20 th -July, 2018 1122-1125 Issue
More informationCentre for Economic Policy Research. Working Paper on Role of food processing industry in Indian economy
Centre for Economic Policy Research Working Paper on Role of food processing industry in Indian economy Food Processing industry has emerged as a vital part of Indian economy both in generating GDP and
More informationIssue Proceeds - Deployment Schedule
Date: 8 th May, 213 Esteem Bio Organic Food Processing Limited (EBOFPL) Stock Performance Details Background Current Price : Rs. 54.5^ Face Value : Rs. 1 per share 52 wk High / Low : Rs. 54.5 /25.25 Total
More informationJAGGERY FROM SUGARCANE
JAGGERY FROM SUGARCANE 1.0 INTRODUCTION Sugar industry in India is a well-developped industry and one of the largest after textiles. It provides rural employment opportunities and plays an important role
More informationDOING BUSINESS IN CHINA 27 OCTOBER 2017
DOING BUSINESS IN CHINA 27 OCTOBER 2017 DISCLAIMER - This presentation is intended to constitute a summary of certain information about Synlait Milk Limited (Synlait). It should be read in conjunction
More informationAGRI BUSINESS Mahindra Agri Business
AGRI BUSINESS Mahindra Agri Business Copyright 2013 Mahindra Agri Business. All rights reserved. 1 Contents AGRI BUSINESS Micro Irrigation Need for Micro Irrigation Industry size & opportunity EPC Industriè
More informationSUPPORT EXISTING FOR AND
Indian Biomass Power sector 1 FINANCIAL FRAMEWORK TO SUPPORT EXISTING FOR AND NEW BIOMASS POWER PLANTS MNRE Workshop on Biomass Sector - 9 th June 2014 Indian Biomass Power Association Why Biomass Power?
More informationConfederation of Indian Industry. Opportunities in ORGANIC. Food in India. Ministry of Food Processing Industries. Government of India
Confederation of Indian Industry Opportunities in ORGANIC Food in India Ministry of Food Processing Industries Government of India Advantage India One of the fastest growing economies in the world Largest
More informationIndian Fertiliser Sector Non-payment of revised fixed costs to urea units impacting viability of indigenous urea production
Indian Fertiliser Sector Non-payment of revised fixed costs to urea units impacting viability of indigenous urea production K. Ravichandran +91 44 45964 301 ravichandran@icraindia.com Varun Gogia +91 124
More informationAgricultural Innovation
Agricultural Innovation Sustainable Transformation of innovation in agriculture sector is called development. Agriculture Sector Development means market expansion and poverty alleviation of 70% population
More informationMarket Overview. Southwestern Fertilizer Conference. July 2017
Market Overview Southwestern Fertilizer Conference July 2017 Forward Looking Statements This presentation contains forward-looking statements" (within the meaning of the US Private Securities Litigation
More informationOrganic Cotton in India. Facts and figures 9/6/09. Organic cotton in India: facts and figures. General Issues in organic cotton sector of India
Organic Cotton in India Facts, figures and issues By: H. Lanting, MSc. ETC Consultants India Pvt Ltd mans.lanting@planet.nl, www.etc-india.org Organic cotton in India: facts and figures India produces
More informationNov 21,2011. Investors Presentation
Nov 21,2011 Investors Presentation 1 Disclaimer This presentation contains forward-looking statements which may be identified by their use of words contains plans, expects, will, anticipates, believes,
More informationCONTEMPORARY RESEARCH IN INDIA (ISSN ): VOL. 7: ISSUE: 1 (2017) Received: 23/02/2017 Edited: 28/02/2017 Accepted: 04/03/2017
ECONOMICS OF PRODUCTION AND MARKETING OF MAIZE IN WESTERN MAHARASHTRA ShindeV. A. 1, S. V.Satpute 2 and A. B. Bhosale 3 1 and 3 Associate Professors of Agricultural Economics, 2 Junior Research Assistant,
More informationRATING METHODOLOGY FERTILIZER COMPANIES
RATING METHODOLOGY FERTILIZER COMPANIES Rating Methodology - Fertilizer Companies [In supersession of Rating Methodology Fertilizer Companies issued in June 2017] Industry Overview Fertilizers supply the
More informationTechnology 8: Extent of micro- and secondary nutrient deficiencies in Indian soils and their correction
Technology 8: Extent of micro- and secondary nutrient deficiencies in Indian soils and their correction (i) Zinc Survey of Indian soils revealed that about 49% of 2.52 lakh soil samples analyzed were found
More informationof Agriculture Sector Dr. P. S. Gahlaut
India s N, P and K Horizon: Scope & Scale of Agriculture Sector Dr. P. S. Gahlaut Managing Director Indian Potash Limited, New Delhi September 2018, 2 India s N, P and K Horizon: Scope & Scale of Agriculture
More informationTata Chemicals Limited
Tata Chemicals Limited Focused Inorganic Chemicals Leader Established Fertilizers Progressive 1 The Tata Group 2 The Tata Group Comm & info systems 23% Engineering 25% Services 10% Consumer products 7%
More informationDirect Cash Transfer System for Fertilizers in India:
Direct Cash Transfer System for Fertilizers in India: Why it might be Tough to Implement? Avinash Kishore, KV Praveen and Devesh Roy High and rising subsidies : 4-5% of AgGDP of India 700 Fertilizer Subsidy
More informationCastor Weekly Research Report
Castor Weekly Research Report Contents Outlook and Review Castor Seed price Chart Export NCDEX Spot Price Outlook Future Chart Progressive Sowing Weekly Spot Price change International Market Update Castor
More informationInvestor Presentation June, 2014
Investor Presentation June, 2014 1 Disclaimer This presentation contains forward-looking statements which may be identified by their use of words contains plans, expects, will, anticipates, believes, intends,
More informationHow to use Artificial Fertilizers. AT UGANDA LIMITED SOILS BROCHURE SERIES No. 02
How to use Artificial Fertilizers AT UGANDA LIMITED SOILS BROCHURE SERIES No. 02 Introduction One way of enriching and replenishing the soil is by addition of artificial fertilizers. These fertilizers,
More informationDemand for Fertilisers in India: Determinants and Outlook for 2020
Ind. Jn. of Agri. Econ. Vol.66, No.4, Oct.-Dec. 2011 Demand for Fertilisers in India: Determinants and Outlook for 2020 Vijay Paul Sharma and Hrima Thaker* I INTRODUCTION The role of chemical fertilisers
More informationImportant Notices. BASIS CPD Points PN/43609/1415/g; 2 points
Brazil Agronomy Webcast May 2015 Important Notices BASIS CPD Points PN/43609/1415/g; 2 points This document is produced for information only and not in connection with any specific or proposed offer (the
More informationProgress and Potential of Horticulture in India
Ind. Jn. of Agri.Econ. Vol.63, No.3, July-Sept. 2008 SUBJECT I TRIGGERING AGRICULTURAL DEVELOPMENT THROUGH HORTICULTURE CROPS Progress and Potential of Horticulture in India Ramesh Chand, S.S. Raju and
More informationCHAPTER - IV GROWTH OF AREA, PRODUCTION AND YIELD OF FRUITS AND VEGETABLES IN PUNJAB STATE AND IN PATIALA DISTRICT
CHAPTER - IV GROWTH OF AREA, PRODUCTION AND YIELD OF FRUITS AND VEGETABLES IN PUNJAB STATE AND IN PATIALA DISTRICT The horticultural crops e.g. fruits and vegetables play an important role in human nutrition
More informationCurrent Status of the Fertilizer Industry In India - Policy Environment and Implications for the future
Current Status of the Fertilizer Industry In India - Policy Environment and Implications for the future U.S. AWASTHI MANAGING DIRECTOR IFFCO, NEW DELHI ABSTRACT Mounting pressure of subsidy on fiscal deficit
More informationA study on Effectiveness of Issuing Soil Health Cards to Farmers across India
A study on Effectiveness of Issuing Soil Health Cards to Farmers across India Govind Goyal IMS, Law College, Institutional Area, Sec-62, Noida, Up Soil Testing is well recognized as a sound scientific
More informationPULSES SPECIAL BULLETIN 10 th June, 2013 STOCK POSITION OF CHANA AT NCDEX ACCREDITED WAREHOUSES AS ON 10 JUNE 2013
PULSES SPECIAL BULLETIN 10 th June, 2013 Pulses Market Summary Pulses traded mix in the spot, however with the monsoon rains covering major geographical area of the country supplies have been limited and
More informationDismantling Fertilizer Subsidies in India: Some Issues and Concerns for Farm Sector Growth
INDIAN INSTITUTE OF MANAGEMENT AHMEDABAD INDIA Dismantling Fertilizer Subsidies in India: Some Issues and Concerns for Farm Sector Growth Vijay Paul Sharma September 2012 The main objective of the working
More informationINDIAN SOYBEAN - IS THE BULL RUN TO STAY?
INDIAN SOYBEAN - IS THE BULL RUN TO STAY? Report Highlights: Indian exporters are signing fresh Soymeal export contracts at record prices of $330-$340 per tonne, including cost and freight, to destinations
More informationBuffer Stock Management: Involving private players
Buffer Stock Management: Involving private players Uncertainty is an integral part of agricultural production that results in production shocks and price volatility of agricultural produce. Over time,
More informationSPAIN / ACEFER. October 2011
SPAIN / ACEFER October 2011 SPAIN/ACEFER Spain Spanish agriculture General Information (1)(2) Main crops (3) Irrigation (4) Income (5)(6) Spanish fertilizer market Consumption (000 MT nutrients 1945-2010)
More informationJune, Investors Presentation
June, 2012 Investors Presentation 1 Disclaimer This presentation contains forward-looking statements which may be identified by their use of words contains plans, expects, will, anticipates, believes,
More informationCMP: INR 1681 TP: INR 2200 BUY
30 April 2013 Update Sector: Automobiles Maruti Suzuki CMP: INR 1681 TP: INR 2200 BUY MARUTI SUZUKI: Market share gain continues, demand seen flat YoY in Apr 13, seasonal discounts reduction by 20 25%
More informationAgenda note on oilseeds production by 2022
Agenda note on oilseeds production by 2022 Contact: Madan Sabnavis Chief Economist madan.sabnavis@careratings.com 91-022-6754 3489 Bhagyashree C. Bhati Research Analyst bhagyashree.bhati@careratings.com
More informationVADILAL INDUSTRIES. Q2 & H1 FY17 Results Presentation
VADILAL INDUSTRIES Q2 & H1 FY17 Results Presentation Disclaimer Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties,
More informationQ3 & 9M FY15 Results. Leading Diversified Renewable Energy Generation Company
Q3 & 9M FY15 Results Leading Diversified Renewable Energy Generation Company Financial & Operational Highlights Q3 & 9M FY15 Performance Highlights Q3 FY15 witnessed a sales growth of 11% on a Y-o-Y basis
More informationChapter VI. Impact of Agricultural Subsidies in Punjab
Chapter VI Impact of Agricultural Subsidies in Punjab In India, as also elsewhere, subsidies now account for a significant part of government s expenditure although, like that of an iceberg, only their
More informationQUESTIONNAIRE. Application of Chemical Fertilizer in Agriculture a study with special reference to the farmers in Andhra Pradesh, India.
ANNEXURE QUESTIONNAIRE Application of Chemical Fertilizer in Agriculture a study with special reference to the farmers in Andhra Pradesh, India. I, T. Sudhakar Reddy, Research Scholar (Ph.D) at Acharya
More informationA Study of Growth Performance and Economics of Rapeseed and Mustard Cultivation in Rajasthan, India
Available online at www.ijpab.com DOI: http://dx.doi.org/10.18782/2320-7051.7197 ISSN: 2320 7051 Int. J. Pure App. Biosci. 6 (6): 804-809 (2018) Research Article A Study of Growth Performance and Economics
More informationCOROMANDEL INTERNATIONAL LIMITED ANNUAL GENERAL MEETING JULY 22, 2010 SPEECH BY CHAIRMAN
COROMANDEL INTERNATIONAL LIMITED ANNUAL GENERAL MEETING JULY 22, 2010 SPEECH BY CHAIRMAN Ladies and Gentlemen! It gives me great pleasure to welcome you all to the Forty Eighth Annual General Meeting of
More informationFertilizers Sector in Pakistan - Cultivating Economy. October 2015
Fertilizers Sector in Pakistan - Cultivating Economy October 2015 of Fertilizers 1 Fertilizers is the most significant and expensive agricultural input Increased Agri production and higher crop yield is
More informationSELL GROUNDNUT ON HARVEST
SELL GROUNDNUT ON HARVEST Grown under rainfed conditions, groundnut is a major oilseed crop and it plays a vital role in bringing vegetable oil deficit in the country. India is the second largest producer
More informationFertiliserStatistics2017
FertiliserStatistics217 Each year AIC gathers together data to provide insight into agricultural practices and crop nutrient usage for policy makers and the industry. Fertiliser Statistics 217 (216 harvest
More informationCoromandel: Opportunities Unbound May 2017
Coromandel: Opportunities Unbound May 2017 Contents 03 About Coromandel 02 Ag Inputs Opportunities 01 Indian Agriculture Indian Agriculture - Scale & Scope - Growth Levers - Agricultural Reforms Indian
More informationThe Mosaic Company. Overview and Fiscal 2006 Outlook. Fritz Corrigan, President & CEO December 7, December
The Mosaic Company Overview and Fiscal 2006 Outlook Fritz Corrigan, President & CEO December 7, 2005 December 2005 1 Safe Harbor Statement Forward - Looking Statements Certain statements contained herein
More informationNutrient management. Cassava
Nutrient management Cassava Fertilizer use By applying mineral fertilizers to their cassava, smallholder farmers can increase their yields from about 10 tonnes to as much as 16 tonnes of fresh roots per
More informationInitiating Coverage: ACCUMULATE HINDUSTAN PETROLEUM CORPORATION LTD
GMR s throughput to be boost by 65% because of refinery upgrades. The company is focused on increasing margins, the earning visibility is high, & the valuations of the company are attractive. Key Takeaways
More information