NEW YORK (TheStreet) -- Potash Corp of Saskatchewan (POT) stock is soaring 8.56% to $17 even though India has halted all potash imports for the year through March and postponed negotiations about next year's purchases until at least June, Reuters reports. 

Potash is a Canada-based fertilizer company that owns and operates five potash operations in Saskatchewan and one in New Brunswick, and is a major supplier to India.

Droughts have weighed on potash demand in India, one of the world's largest fertilizer consumers, Reuters notes. China and Brazil also have reduced their purchases. 

India's potash imports are unlikely to rebound to prior years' levels of more than 4 million tons during 2017. 

Even if India gets monsoon rains between June and September, P.S. Gahlaut, managing director of state-run Indian Potash, estimates that potash imports will be around 3.5 million tons during the year starting in April, according to Reuters. 

Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C-.

Potash's strengths such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins are countered by weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity. 

You can view the full analysis from the report here: POT

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

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