Sugar shares fall after Cabinet gives nod for bailout package

Shares of sugar companies have fallen by upto 12% from their respective intra-day highs on the BSE after the Cabinet on Wednesday approved Rs 85 billion bailout package for the sugar industry.

At 02:27 pm: Triveni Engineering & Industries, Dwarikesh Sugar Industries, Balrampur Chini Mills, Kesar Enterprises, Magadh Sugar & Energy and Simbhaoli Sugars were trading down in the range of 5% to 8% on the BSE. On comparison, the S&P BSE Sensex was up 0.50% at 35,079 points.

The package includes Rs 45 billion soft loans for building ethanol production capacity and creating a 3 million tonne stockpile to soak up excess supply, the PTI report suggested.CLICK HERE TO READ FULL REPORT

A bailout package has been worked out as sugar mills' financial health has worsened due to sharp fall in prices following a record sugar production of over 31.6 million tonnes so far in the 2017-18 marketing year (October-September).

COMPANY DAY'S HIGH(RS) DAY'S LOW(RS) FALL(%)
TRIVEN.ENGG.IND. 43.00 37.70 -11.63
BALRAMPUR CHINI 75.40 66.40 -10.08
DWARIKESH SUGAR 25.50 22.40 -9.80
DHAMPUR SUGAR 107.45 98.40 -7.63
EMPEE SUGARS 1.85 1.72 -7.03
MAGADH SUGAR 93.80 86.60 -6.24
SIMBHAOLI SUGAR 10.60 10.00 -5.66
UGAR SUGAR WORKS 16.45 15.40 -5.47
AVADH SUGAR 375.00 339.10 -5.35
BAJAJ HINDUSTHAN 7.45 7.02 -5.23
MAWANA SUGARS 39.55 36.80 -4.80
KHAITAN (INDIA) 44.75 41.10 -4.80
SAKTHI SUGARS 16.80 14.25 -4.76
DALMIA BHARAT 64.80 61.00 -4.63
UTTAM SUG.MILLS 83.25 79.00 -4.38
RANA SUGARS 4.33 4.15 -4.16
DHARANI SUGARS 15.25 14.60 -3.61
KCP SUGAR &INDS. 21.20 20.35 -3.54
EID PARRY 234.55 217.50 -3.41
DCM SHRIRAM INDS 167.00 160.00 -2.90


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