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

Must Read

Howdy, Modi! : World media reactions on Modi-Trump’ grand Houston Event address

New Delhi, Sep 23: United States President Donald Trump and Indian Prime Minister Narendra Modi on late Sunday shared...

Howdy Modi : Modi-Trump mark history in US-India relationship with great show at Houston

Houston, Sep 22:  Modi, delivering his speech at the historic event, talks about the development underwent over five years...

ECI announces dates of Maharashtra & Haryana elections; Single Phase Election on October 21; Result on 24th

Election Commission of India has announced the dates of much-awaited state elections. According to the Chief Election Commissioner, Sunil...

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.


Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Kohli handed demerit point for shoulder contact with Hendricks

Dubai, Sep 23 (IANS) India captain Virat Kohli has received an official warning and one demerit point after being...

Tall boxers no issues, have to work a little more on power: Panghal

By Rohit MundayurNew Delhi, Sep 23 (IANS) 2019 has been a good year for Amit Panghal. He first won the Asian Championships in April...

Sensex gains 1,074 pts, mid-caps outperform, IT lags (Lead)

Mumbai, Sep 23 (IANS) The Sensex gained 1,075 points on Tuesday, taking its two-day advance to nearly 3,000 points as investors continued to pump...

BJP MLA booked for threatening govt official in UP

Ballia (Uttar Pradesh), Sep 23 (IANS) BJP MLA Surendra Singh, known for his controversial behaviour, has been booked for allegedly abusing and threatening a...

Data given by Russia have inconsistencies, claims WADA

Montreal (Canada) Sep 23 (IANS) The World Anti-Doping Agency (WADA) on Monday revealed that Russian officials handed over data which contained "inconsistencies".According to a...
- Advertisement -

More Articles Like This