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Shares of sugar manufacturer have rallied up to 20% in opening deals after the Cabinet Committee on Economic Affairs (CCEA) late Thursday approved a proposal to abolish the levy-sugar mechanism, under which private millers have to sell a specified quantity of the sweetener to the government at concessional rates.
Bajaj Hindustan, Shree Renuka Sugars, Balarampur Chini Mills, Mawana Sugars, Oudh Sugars and Dhampur Sugar Mills are trading higher in the range of 10 to 20% on the Bombay Stock Exchange (BSE).
According to a mechanism approved by CCEA, states will now purchase sugar from open market through a transparent bidding process and sell it cheap through ration shops. The difference between the two prices will be borne by the Centre, but with a cap of two years, the Business Standard report suggests.
Among the individual stocks, Oudh Sugar Mills has rallied 20% to Rs 23.20, followed by Uttam Sugar, Simbholi Sugar, and Sakthi Sugars by 15% each on BSE.
Bajaj Hindustan, Shree Renuka Sugars, Balrampur Chini Mills and Dhampur Sugar Mills too trading higher by more than 10% each compared to marginal 0.02% fall in benchmark index Sensex at 0920 hours.
Bajaj Hindustan, Shree Renuka Sugars, Balarampur Chini Mills, Mawana Sugars, Oudh Sugars and Dhampur Sugar Mills are trading higher in the range of 10 to 20% on the Bombay Stock Exchange (BSE).
According to a mechanism approved by CCEA, states will now purchase sugar from open market through a transparent bidding process and sell it cheap through ration shops. The difference between the two prices will be borne by the Centre, but with a cap of two years, the Business Standard report suggests.
Among the individual stocks, Oudh Sugar Mills has rallied 20% to Rs 23.20, followed by Uttam Sugar, Simbholi Sugar, and Sakthi Sugars by 15% each on BSE.
Bajaj Hindustan, Shree Renuka Sugars, Balrampur Chini Mills and Dhampur Sugar Mills too trading higher by more than 10% each compared to marginal 0.02% fall in benchmark index Sensex at 0920 hours.
