 "Sugar shares extend rally; Upper Ganges, Ugar Sugar zoom 20%")
Shares of sugar companies were continued to upward march with most of the stocks trading at their fresh 52-week highs in an otherwise weak market.
Balrampur Chini Mills, Dhampur Sugar and Dwarikesh Sugar, total 15 sugar stocks were trading at their multi-year highs on the BSE.
Upper Ganges Sugar & Industries and Ugar Sugar Works have locked in upper circuit of 20% each, at Rs 261 and Rs 37, respectively. Uttam Sugar Mills, Oudh Sugar Mills, Rajshree Sugars & Chemicals, Thiru Arooran Sugars and Dharani Sugars & Chemicals up 10%-16% on the BSE.
Thus far in week, most of the sugar stocks have rallied between 10%-30% after the rating firm ICRA said the profitability trend for domestic sugar mills is likely to be better during the crushing season 2015-16 on supply correction. The benchmark index was down 0.77% during the week.
The surge in global prices had made exports of Indian sugar viable despite the withdrawal of incentive by the central government some months earlier.
According to Business Standard reports, the central government could impose a customs duty of 25% on export of sugar. At present, there is presently no duty. CLICK HERE TO READ FULL REPORT.
Balrampur Chini Mills, Dhampur Sugar and Dwarikesh Sugar, total 15 sugar stocks were trading at their multi-year highs on the BSE.
Upper Ganges Sugar & Industries and Ugar Sugar Works have locked in upper circuit of 20% each, at Rs 261 and Rs 37, respectively. Uttam Sugar Mills, Oudh Sugar Mills, Rajshree Sugars & Chemicals, Thiru Arooran Sugars and Dharani Sugars & Chemicals up 10%-16% on the BSE.
Thus far in week, most of the sugar stocks have rallied between 10%-30% after the rating firm ICRA said the profitability trend for domestic sugar mills is likely to be better during the crushing season 2015-16 on supply correction. The benchmark index was down 0.77% during the week.
The surge in global prices had made exports of Indian sugar viable despite the withdrawal of incentive by the central government some months earlier.
According to Business Standard reports, the central government could impose a customs duty of 25% on export of sugar. At present, there is presently no duty. CLICK HERE TO READ FULL REPORT.