Sugar stocks advanced at 10:38 IST on BSE after the government yesterday, 20 March 2018, scrapped the 20% export duty on sugar in a bid to lift its domestic price.
Meanwhile, the S&P BSE Sensex was up 325.32 points or 0.99% at 33,322.08.
KCP Sugar & Industries (up 4.31%), Dwarikesh Sugar Industries (up 1.44%), EID-Parry (India) (up 1.55%), Dhampur Sugar Mills (up 2.45%), Sakthi Sugars (up 2.52%), Rana Sugars (up 2.24%), Balrampur Chini Mills (up 1.45%) and Bajaj Hindusthan Sugar (up 0.79%) gained. Shree Renuka Sugars was flat at Rs 15.50.
Government on 20 March 2018 scrapped the 20% export duty on sugar in a bid to boost overseas sales of the commodity and lift its domestic price. The country is facing surplus production of the sweetener. Industry body Indian Sugar Mills Association (ISMA) has revised India's 2017-18 sugar production estimate to 29.5 million tonnes from its second advance estimate of 26.1 million tonnes.
Last month, the government doubled import duty on sugar to 100% to keep a check on falling prices. Sugar marketing year runs from October to September.
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