Deepak Fertilizers and Petrochemicals share price jumped over 10 percent intraday on Monday over rumours of government considering import duty cut on raw material for fertilizer companies in the forthcoming budget.

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At 10:05 am, the stock price was trading 6.88 percent higher at Rs 122.75 per share on the NSE, while on an intraday basis it jumped 10.27 percent to Rs 126.65.

Lower import duty on raw material like rock phosphate and sulphur used for manufacturing of DAP (Diammonium phosphate) would help boost domestic production and cut in import bill, reported PTI.

Currently, there is an import duty of 5 percent on such imports and the country imports about 95 percent of its DAP requirement from global markets.

According to the report, the commerce ministry has suggested its finance counterpart to rationalize basic customs duty on over 300 items to boost domestic manufacturing and cut in the rising import bill.

In 2018-19, the country imports rose by about 9 percent to $507.44 billion.

With PTI inputs

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