Agri-related stocks rise up to 10% on hopes of good monsoon

Shares of fertiliser, irrigation systems and agri machinery manufacturers hogged limelight on Tuesday, rising as much as 10.6 per cent, after the government said monsoon this year is expected to be normal.

Jain Irrigation Systems soared 3.21 per cent on BSE.

The scrip of Escorts zoomed 10.53 per cent and VST Tillers Tractors rallied 10.58 per cent.

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

"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.