Govt extends ban on sugar exports beyond Oct 31
Sugar stocks show mixed reactions; govt also permits export of non-basmati white rice to 7 countries
Sugar stocks show mixed reactions; govt also permits export of non-basmati white rice to 7 countries
Sugar stocks such as Dalmia Bharat Sugar, Triveni Engineering, Bajaj Hindusthan, Dhampur Sugar Mills rose in the range of 2% to 5%.
The All India Sugar Trade Association has trimmed production estimates by 3% for the crop year spanning October 2022 to September 2023.
KCP Sugar, Uttam, Mawana, Shree Renuka rallied up to 17% after the government announced a 100% incentive for sugar sacrificed for the production of ethanol.
Shares of Sakthi Sugars, Dhampur Sugar Mills, Mawana Sugars, Balrampur Chini, Shree Renuka, Bajaj Hindusthan, and EID Parry rallied up to 20% intraday today.
At ₹16.78 on Tuesday, the penny stock has doubled from its 52-week low of ₹8.37 on August 17, 2022.
The Union Cabinet raised sugarcane fair and remunerative price (FRP) by 5% to ₹305 per quintal; decision to benefit 5 crore sugarcane farmers
Shares of Dhampur Sugar, Shree Renuka, Dwarikesh Sugar, Andhra Sugar and Bajaj Hindustha fell up to 5% in opening trade.
This multibagger stock has risen from its 52-week low of ₹9.80 in April last year, to ₹55.50 intraday today, logging 466% growth in one year.