Shares of Chambal Fertilisers and Chemicals remained in focus on Wednesday after the brokerage house Axis Securities recommended a "buy" on the stock with a target price of Rs 345. The price target implies nearly 10 percent upside for the Chambal Fertilisers counter from Tuesday's closing level of Rs 314.40. Consequently, on Wednesday, the share price rose to hit an intraday high of Rs 320.65.

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At 1.38pm, shares were quoting 1.18 percent higher at Rs 318.10 on BSE.

Analysts have given a time period of 3-4 weeks when Chambal Fertilisers and Chemicals stock price can reach the target of Rs 345.

The company's stock has extended gains from the last week and remained in the green zone on Wednesday. In the past seven trading sessions, the shares have climbed more than 13 percent.

Similar movements were witnessed on the National Stock Exchange (NSE), with the stock trading in green with a gain of 0.87 percent from the previous close at Rs 317.3. The stock had hit an intraday high of Rs 320.7

Shares of Chambal Fertilisers had touched its 52-week high of Rs 516 on April 19,2022, and a low of Rs 269.8 on July 1,2022.

Overall, 1.24 lakh shares got traded on the BSE, while 31.2 lakh shares exchanged hands on the NSE.

Fertiliser stocks, including Chambal Fertilisers, are under radar since past few weeks amid reports of likely announcement of subsidy on urea in the upcoming Union Budget 2023 as well as Russia’s imposition of export tax on the fertiliser, which was expected to come into effect from January 1, 2023.

(Edited by : Anshul)