Sugar shares fall after Cabinet gives nod for bailout package

Triveni Engineering, Dwarikesh Sugar, Balrampur Chini, Kesar Enterprises, Magadh Sugar and Simbhaoli Sugars were trading down in the range of 5% to 8% on the BSE at 02:27 pm.

Shares of sugar companies have fallen by upto 12% from their respective intra-day highs on the BSE after the Cabinet on Wednesday approved Rs 85 billion bailout package for the sugar industry.

At 02:27 pm: Triveni Engineering & Industries, Dwarikesh Sugar Industries, Balrampur Chini Mills, Kesar Enterprises, Magadh Sugar & Energy and Simbhaoli Sugars were trading down in the range of 5% to 8% on the BSE. On comparison, the S&P BSE Sensex was up 0.50% at 35,079 points.

The package includes Rs 45 billion soft loans for building ethanol production capacity and creating a 3 million tonne stockpile to soak up excess supply, the PTI report suggested.CLICK HERE TO READ FULL REPORT

A bailout package has been worked out as sugar mills' financial health has worsened due to sharp fall in prices following a record sugar production of over 31.6 million tonnes so far in the 2017-18 marketing year (October-September).

COMPANY	DAY'S HIGH(RS)	DAY'S LOW(RS)	FALL(%)
TRIVEN.ENGG.IND.	43.00	37.70	-11.63
BALRAMPUR CHINI	75.40	66.40	-10.08
DWARIKESH SUGAR	25.50	22.40	-9.80
DHAMPUR SUGAR	107.45	98.40	-7.63
EMPEE SUGARS	1.85	1.72	-7.03
MAGADH SUGAR	93.80	86.60	-6.24
SIMBHAOLI SUGAR	10.60	10.00	-5.66
UGAR SUGAR WORKS	16.45	15.40	-5.47
AVADH SUGAR	375.00	339.10	-5.35
BAJAJ HINDUSTHAN	7.45	7.02	-5.23
MAWANA SUGARS	39.55	36.80	-4.80
KHAITAN (INDIA)	44.75	41.10	-4.80
SAKTHI SUGARS	16.80	14.25	-4.76
DALMIA BHARAT	64.80	61.00	-4.63
UTTAM SUG.MILLS	83.25	79.00	-4.38
RANA SUGARS	4.33	4.15	-4.16
DHARANI SUGARS	15.25	14.60	-3.61
KCP SUGAR &INDS.	21.20	20.35	-3.54
EID PARRY	234.55	217.50	-3.41
DCM SHRIRAM INDS	167.00	160.00	-2.90