Sugar stocks rally even as GoI proposes custom duty of 25 per cent
DSIJ Intelligence / 10 Jun 2016
Sugar stocks rallied on Friday after the Food Minister Ram Vilas Paswan announced GoI's plans to impose a 25 per cent tax on sugar exports hoping to maintain adequate supplies of the sweetener in the domestic market.
Sugar stocks rallied on Friday after the Food Minister Ram Vilas Paswan announced GoI's plans to impose a 25 per cent tax on sugar exports hoping to maintain adequate supplies of the sweetener in the domestic market.
Sugar prices have risen 50 per cent in 3 months time in International market. It will be for the first time that India will be placing such a high export duty on sugar, an essential commodity. Brazil's delayed harvest is touted to be the biggest factor behind rising sugar prices.
Uttam Sugar Mills (5.56 per cent), Upper Ganges (11.28 per cent),Dharani Sugars (9 per cent), Oudh Sugar (4 per cent) and Bajaj Hindutan (3 per cent) are all trading firm on Friday on an intra-day basis. Ugar Sugar Works is locked at 20 per cent upper circuit with current market price at 36.75.
Sugar mills are expected to be profitable in view of rising domestic prices for sugar in India.
Sugar stocks inch up even as the broader market is choppy with Sensex trading down by 70 points at 26693.
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