Sugar Stocks Gained 8% Amid Govt Hiking Import Duty
Stocks of sugar companies gained as much as 8 per cent after the government today hiked import duty on both raw and refined sugar to 25 per cent from existing 15 per cent.
Shares of Dwarikesh Sugar Industries rallied 7.83 per cent, while Bajaj Hindusthan Ltd surged 5.32 per cent on the BSE.
Oudh Sugar Mills gained 4.64 per cent, Shree Renuka Sugars (4.44 per cent), Triveni Engineering & Industries (3.05 per cent) and Balrampur Chini Mills (2.21 per cent).
In a move that could lead to increase in sugar prices, the government today hiked the import duty on both raw and refined sugar to 25 per cent from the existing 15 per cent.
The increase in duty would make imports unviable and may lead to some jump in domestic sugar prices that could cause burden on consumers but would help revive the business of cash-starved mills who owe farmers around Rs 6,800 crore.
India has been importing sugar in small quantities taking advantage of lower global prices. According to the notification issued by the Central Board of Excise and Customs, import duty has been raised to 25 per cent on raw sugar and refined or white sugar.
Sugar mills are facing a cash crunch as domestic prices have slipped below the cost of production, hurting their profits.
- DMK Objects to Jayalalithaa's Portraits
- 'I Am Not Scared Of ABVP', DU Student And Kargil Martyr's Daughter's Facebook Post Goes Viral Sends Strong Message To ABVP
- 'Delhi Police Has Become Agent of BJP'
- Modi To Face Love Challenge In 2019
- Wonderful, Precise And Very Cool: How Do Our Money Up-Chucking Machines Work?
- "I'm Only Passing Through" 10 Leonard Cohen Songs That You Must Listen To
- Blackout For NDTV Stirs The Media
- Daily Curator: The Dominion Of Misunderstood Men Over Headlines
- Daily Curator: Of Holes Being Poked Into The Bhopal Encounter And The Origins Of Chyawanprash
- Watch: Viral Video Has Man Lighting Up A Line Of Crackers Attached To His Mouth
- Censor Board Responsible for Preserving India's Culture: Pahlaj Nihalani
- Ramjas Violence: College Forms Panel to Probe Students' Role
- 'Rs 10 Lakh Each Paid To 141 Families Of Manual Scavengers': TN Govt Tells Madras HC
- China's Bad Loans In 2016 Came Up To A Whopping USD 220 Billion
- Donkeys, Pigeons And Even Kasab: Morsels Of Madness From Uttar Pradesh
- DCW Orders Probe into Alleged Attacks on Women by Cops at DU
- MOST VIEWED
- MOST COMMENTED
- Rahul Gandhi Says He Has Information Of PM Modi's Personal Corruption
- Over 400 Academicians From International Varsities Write Open Letter To JNU Vice Chancellor Over Recent Events
- Demonetisation Advisers Need Elementary Course In Economics Says Chidambaram
- 52 Killed, Over 100 Injured in Sufi Shrine Blast in Pak's Balochistan