In the wake of ₹45,000 crore package, sugar stocks witness mixed trends

Must Read

Sanju Samson to replace Shikhar Dhawan in T20 series against WI

Sanju Samson will replace injured Indian opener Shikhar Dhawan in the T20s series against West Indies starting from next...

Supreme Court lashes out on Centre & Delhi govts for Rising Pollution

The Apex Court of the Country, the Supreme Court on Monday lashed the Central and State Government for their...

Harbhajan Singh wishes BCCI Prez Sourav Ganguly to change Selection Panel

The Indian off-spinner Harbhajan Singh on Monday urged Sourav Ganguly, President of BCCI (The Board of Control for Cricket...

Cash-starved sugar sector witnessed a mixed trend in its stock in the Wednesday trade as the government might consider ₹45,000 crore package for the industry today.

The package will boost the sugar sector by infusing double production assistance to growers and transport subsidy for export ranging to 5 million tonnes or less, effective from next marketing session commencing in October, reported MoneyControl

Latest trend of Indian Sugar Stocks 

  • Thiru Arooran Sugars (+5.92%), Gayatri Sugars (+4.99 %), Parvati Sweeteners and Powers (+4.97%), Kesar Enterprise (+4.88%),  and Piccadily Sugar (+4.82%) were the five top players which jumped almost 5%.
  • Other stocks which are in green zone today includes Dhampure Specialty Sugars (+3.91%), Simbhaoli Sugars (+3.52%), Bannari Amman Sugars (+2.78%), Ugar Sugar Works (+2.26%) and KCP Sugar and Industries (+2.12%).
  • On the contrary, Rajshree Sugars & Chemical (-5.20%) and Empee Sugars & Chemicals (-4.65%) slipped the most loosing nearly 5%. 
  • Adding to the loser’s list, Magadh Sugar & Energy (-3.51%), Dhampur Sugar Mills (-2.89%), Ponni Sugars (Erode) (-2.47%), Mawana Sugars (-2.37%), Triveni Engineering & Industries (-2.20%) and Avadh Sugar & Energy (- 1.67%) were trading red in the morning session.

Owing to the glutted market of the sugar sector, the government is likely to retreat the industry by planning a second package. India’s sugar production is expected to reach a high of 32-million tonnes at the end of the 2017-18 marketing session.

A proposed government policy suggests that raising the production assistance paid to growers from ₹ 5.50 per quintal to ₹13.88 per quintal will counterbalance the cost of sugarcane production.

Moreover, In order to build ethanol capacity, the government notified a ₹8,500 crore package for sugar industry. The package constituted of a soft loan worth ₹4,440 crore. This will provide a subsity of ₹1,332 crore on the interest rate.

Apart from this, the governing body also provided its consent to raise ethanol price produced directly from sugarcane by 25% in order to restrict the oil import. The price hike also expected to settle the excess stock of approx 10.5 million tonnes of sugar at the end of current season.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

JNU Professor develops Braille model to teach visually-impaired students chemistry

A Jawaharlal Nehru University Professor BS Balaji has developed a braille model to teach chemistry to his visually-challenged students....

485 out of 812 candidates with Hindi as mother tongue passed 2018 civil services exam

Hindi, which is the unofficial language of India had been chosen by 485 candidates as their mother tongue who were selected through the Civil...

‘Happy Hardy and Heer’: Himesh Reshammiya starrer gets a new release date

The upcoming release of singer, composer, and actor Himesh Reshammiya Happy Hardy and Heer has got a new date. The film was earlier slated...

Fortnite Chapter 2 Week 9: Challenges list and guide to find the bridges.

Fortnite is about to start its Christmas challenges. The Christmas Challenges will start after week 10 of Chapter 2. Meanwhile, Epic Games rolled out...

Rocket League update 1.70 finally replaces shops with loot boxes

Loot Boxes have been a hot topic of discussion in the recent past. Earlier this year, Microsoft, Nintendo, and Sony announced that they are actively encouraging all...
- Advertisement -

More Articles Like This