Sugar stocks gain on hike in import duty

Ugar Sugar, Sakthi Sugars, Thiru Arooran, Rajshree Sugars, KCP Sugar and Simbhaoli Sugar up 4%-7%

Shares of sugar companies were trading higher by upto 7% on BSE after the government increased import duty on sugar to 50%, up from 40%, to restrict cheap inward shipments and maintain domestic prices.

Ugar Sugar Works, Sakthi Sugars, Thiru Arooran Sugars, KCP Sugar & Industries, Rajshree Sugars, Simbhaoli Sugar and Shree Renuka Sugars were up between 4% and 7% on the BSE. Dhampur Sugars, Mawana Sugars, Bannari Amman Sugars and Bajaj Hindustan were up 2% to 3%.

In past one-week, most the sugar stocks have outperformed the market by gaining in the range of 5% to 22%,