Rashtriya Chemicals and Fertilizers shares jump 18% on cabinet approval for land transfer

By: | Published: September 14, 2018 11:00 AM

The shares of state-run Rashtriya Chemicals and Fertilizers (RCF) surged 17.86 percent to Rs 79.85 on Friday, in their sharpest intraday percent gain in more than three years, on government approval for selling of its TDR (Transfer of Development Rights).

rcf SHARESThe RCF shares were trading at Rs 74.65 up 10.18 percent on BSE today at the time of reporting.

RCF shares jump: The shares of state-run Rashtriya Chemicals and Fertilizers (RCF) surged 17.86 percent to Rs 79.85 on Friday, in their sharpest intraday percent gain in more than three years, on government approval for selling of its TDR (Transfer of Development Rights). The union  cabinet approved transfer of land of company to Mumbai Metropolitan Regional Development Authority (MMRDA), Municipal Corporation of Greater Mumbai (MCGM) late on Wednesday.

The RCF shares were trading at Rs 74.65 up 10.18 percent on BSE today at the time of reporting. The shares touched their 52-week high Rs 111.50 and 52-week low Rs 65.60 on 15 January, 2018 and 19 July, 2018, respectively.

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The union cabinet chaired by Prime Minister Narendra Modi on late Wednesday gave ex-post facto approval for transfer of land of Rashtriya Chemicals & Fertilizers (RCF) to Mumbai Metropolitan Regional Development Authority (MMRDA); proposal for approval for transfer of land of M/s Rashtriya Chemicals & Fertilizers (RCF) to Municipal Corporation of Greater Mumbai (MCGM) and or selling of Transferable Development Right (TDR) Certificate received or receivable against the transfer of land to MMRDA or MCGM.

RCF is a fertilizer and chemical manufacturing company in India in the Public Sector. It was established on 6 March, 1978 on the reorganization of erstwhile Fertilizer Corporation of India. Currently, the authorized share capital of RCF is Rs 800 crore and paid up capital of Rs 551.69 crore.

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