Shares of sugar companies were trading higher by up to 8% on BSE in otherwise weak market on talks of hike in import duty.
Triveni Engineering & Industries, Dwarikesh Sugar and Dhampur Sugar were up 8%, while Simbhaoli Sugar, Ugar Sugar Works, Kesar Enterprises, Shree Renuka Sugars and Balrampur Chini Mills up in the range of 4% to 7% on BSE. On comparison, the S&P BSE Sensex was down 0.83% at 34,777 points at 03:21 PM.
The food ministry has proposed doubling of the import duty on sugar to 100 per cent to curb cheaper imports, check falling wholesale prices of sweetener and ensure timely payment to cane farmers, the PTI report suggests quoting sources.
According to the sources, a recommendation has been made to the finance ministry that import duty on sugar be raised from the current 50% to 100% to protect domestic sugarcane farmers. A notification in this regard may be issued soon, added report. CLICK HERE TO READ FULL REPORT.
Most of the sugar stocks hit 52-week lows on BSE in intra-day trade today. The list include Balrampur Chini Mills, Dhampur Sugar, Dwarikesh Sugar and Ugar Sugar Works.