GIDC driven urea prices reversed . Govt and fertilizer manufacturers on friday agreed to reduce urea price to Rs 1786 per 20 kg bag with imedite effects. Nevertheless, this news flow is certainly negative for urea producers in general where it will negatively impact earnings of FFC (9-15% of 2014E EPS), ENGRO (13-23% of 2014E EPS) and FFBL (3-5% of 2014E EPS) from our base case. In case of FATIMA, though the previous higher urea price hike of Rs178/bag compared to only Rs64/bag now is a bit negative, but still the company will be able to bag additional profits from our base case i.e. (4% of 2014E EPS).