Sixteen sugar stocks spurted 3.45% to 20% at 14:30 IST on BSE on reports the government will examine raising import tax on sugar to support local prices and help mills clear dues to cane growers which is estimated at Rs 11000 crore.
Eastern Sugar & Industries was locked at 20% upper circuit at Rs 2.76, Dhampur Sugar Mills (up 13.48% at Rs 65.65), Shree Renuka Sugars (up 12.89% at Rs 30.65), KCP Sugar & Industries Corporation (up 12.53% at Rs 27.85), Triveni Engineering & Industries was locked at 10% upper circuit at Rs 34.10, Balrampur Chini Mills (up 8.97% at Rs 85), Bajaj Hindusthan (up 7.86% at Rs 30.20), DCM Shriram Industries (up 5.75% at Rs 112.20), Empee Sugars and Chemicals was locked at 5% upper circuit at Rs 7.81, Upper Ganges Sugar & Industries was locked at 5% upper circuit at Rs 55.85, Dwarikesh Sugar Industries was locked at 5% upper circuit at Rs 42.55, Sakthi Sugars was locked at 5% upper circuit at Rs 24.75, Rana Sugars was locked at 5% upper circuit at Rs 4.25, Oudh Sugar Mills was locked at 5% upper circuit at Rs 29.15, Simbhaoli Sugars was locked at 5% upper circuit at Rs 20.65, and EID Parry (India) (up 3.45% at Rs 218.60), edged higher.
Meanwhile, the S&P BSE Sensex was up 235.26 points or 0.94% at 25,254.77.
Food Minister Ram Vilas Paswan was quoted as saying on Thursday, 5 June 2014, that the government will examine raising import tax on sugar to support local prices and help mills clear dues to cane growers which is estimated at Rs 11000 crore. India, the world's second-biggest producer after Brazil, imposes a 15% tax on sugar imports. Local mills have been demanding raising the duty to as much as 40% to help lift prices, which have been pressured by huge stocks.
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