Sixteen sugar stocks rose by 0.65% to 6.44% at 10:43 IST on BSE, extending Monday's gains triggered by reports that the government promised higher import protection and offered other sops to the industry.
Bajaj Hindusthan (up 6.44%), Simbhaoli Sugars (up 4.95%), Upper Ganges Sugar & Industries (up 4.95%), Dwarikesh Sugar Industries (up 4.93%), Eastern Sugar & Industries (up 4.90%), Rana Sugars (up 4.90%), Oudh Sugar Mills (up 4.87%), Sakthi Sugars (up 4.83%), Shree Renuka Sugars (up 3.23%), EID Parry (India) (up 1.97%), KCP Sugar & Industries Corporation (up 1.92%), Triveni Engineering & Industries (up 1.90%), Dhampur Sugar Mills (up 1.75%), DCM Shriram Industries (up 1.61%), Empee Sugars and Chemicals (up 0.84%) and Balrampur Chini Mills (up 0.65%), edged higher.
The S&P BSE Sensex was up 286.33 points, or 1.14% at 25,317.65.
These sixteen sugar stocks rose by between 2.87% to 10.32% on Monday, 23 June 2014, after media reports suggested that in a move to bail out the ailing sugar industry, Food Minister Ram Vilas Paswan has agreed to raise import duty from 15% to 40%.
While taking the decision at a second high-level meeting on Monday, 23 June 2014, the food minister also extended sugar export incentives till September 2014. In addition, ethanol blending with petrol too has been raised to 10% from 5%, according to reports.
Paswan has reportedly said that these latest measures for the revival of sugar industry are subject to the condition that sugar mills clear dues owed to farmers on sugarcane purchases estimated at Rs 11000 crore.
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