Madras Fertilizers (up 8.85% at Rs 20.90) and Fertilizers & Chemicals Travancore (up 6.22% at Rs 34.15) edged higher.

Meanwhile, the S&P BSE Sensex was up 68.01 points or 0.23% at 29,072.67.

Minister of State (MOS) for chemicals and fertilizers Hansraj Gangaram Ahir said in the Lok Sabha yesterday, 24 February 2015, that the government has planned financial restructuring of three sick companies namely, Madras Fertilizers () , BVFCL and Fertilizers & Chemicals Travancore (FACT) to sustain their operations. The financial restructuring, inter-alia, involves waivers of Government of India loans and interest thereon and grant of interest free loans, Ahir said.

Madras Fertilizers reported a net loss of Rs 97.16 crore in Q3 December 2014 compared with net profit of Rs 44.06 crore in Q3 December 2013. Net sales declined 84.5% to Rs 119.99 crore in Q3 December 2014 over Q3 December 2013.

The Government of India (GoI) held 59.5% stake in Madras Fertilizers (as per the shareholding pattern as on 31 December 2014).

FACT reported a net loss of Rs 107.91 crore in Q3 December 2014 compared with net profit of Rs 15.27 crore in Q3 December 2013. Net sales declined 20.5% to Rs 552.83 crore in Q3 December 2014 over Q3 December 2013.

FACT, a Government of India Enterprise, has business interests in manufacturing and marketing of fertilizers, caprolactam, engineering consultancy and fabrication of equipments. The company has also interests in petrochemicals, hydrometallurgy, chemicals and pharmaceuticals.