Farm sector stocks in focus on hopes of good monsoon

Mumbai: Shares of fertiliser, irrigation systems and agri machinery manufacturers were in limelight today, rising as much as 10.6 per cent, after the government said monsoon this year is expected to be normal.

Jain Irrigation Systems soared 8.23 percent on NSE.

The scrip of Escorts zoomed 10.61 percent and VST Tillers Tractors rallied 7 percent.

Shares of Chambal Fertilisers and Chemicals surged 5.19 percent, Kaveri Seed Company gained 4.96 percent, Rashtriya Chemicals and Fertilizers (4.42 pc), Deepak Fertilisers and Petrochemicals (4.1 pc) and National Fertilizers (4 pc).

"El Nino condition is declining. It is expected that La Nina condition will takeover, and will perhaps favour a good monsoon this year," Agriculture Secretary Shobhana K Patnaik said yesterday addressing a national conference to launch kharif campaign for 2016-17.

Met Department's predictions will be out later this month, giving a clear picture of monsoon, he added.