Agri-input stocks gained on Monday ahead of the Indian Meteorological Department’s first long-range forecast for South West Monsoon. The IMD has forecast a normal monsoon for the third year in a row.
Stocks of fertilisers, pesticides, seed and farm equipment firms gained on the forecast, coming after private agency Skymet’s forecast recently of a normal monsoon.
Most agri-input stocks saw a sharp rise in second half trading as the market anticipated a positive rain forecast by the IMD.
Gainers among the fertilisers stocks were Tata Chemicals (1.43 per cent), Rashtriya Chemicals & Fertilisers (1.10 per cent), Deepak Fertilisers (3.97 per cent), Coromandel International (0.81 per cent) and GSFC (0.47 per cent).
Among the agri-chemicals, the gainers were Rallis India (0.52 per cent), Bayer Cropscience (2.44 per cent) and Insecticides India (0.43 per cent).
Seed companies Monsanto India (0.24 per cent) and Kaveri Seed Company(1.70 per cent) also clokced gains. Among farm equipment firms, Jain Irrigation (2.83 per cent), Shakti Pumps (1.73 per cent) and M&M (1.66 per cent) gained.