Fertiliser Sector - New Urea Investment Policy cleared by EGoM ::Emkay pdf link

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Fertiliser Sector New Urea Investment Policy cleared by EGoM ·      Recently, the EGoM cleared the new investment policy on urea. The policy will now be sent to the CCEA & is expected to be announced in the Union Budget 2012-13 ·      Policy ensures 12-20% RoE based on global urea prices. Floor / ceiling price of US$310-340 / mt (base gas price of US$6.5/mmbtu) will move with gas price upto US$14/mmbtu ·      Existing players with strong balance sheet and distribution with proposed urea expansion plan like Chambal fertiliser,Zuari Ind, Tata Chemicals to benefit ·      Long term gas availability and foray of non urea players with adequate gas resources coming into this business due to attractive returns are our key concerns Company Reco CMP TP Chambal Accu 86 98 Coromandel Hold 271 286 Deepak Buy 155 185 GNFC Buy 85 135 GSFC Accu 379 530 Tata Chem Accu 342 400 RCF NR 64 NA National Fert. NR 83 NA Zuari Ind NR 465 NA Source: Capitaline, Emkay Research

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