EID Parry share price hits 52-week high; sugar stocks rally up to 20% as govt mulls raising MSP of sugar

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Published: June 19, 2020 1:26 PM

EID Parry, Piccadily Agro Industries, KCP Sugar & Industries Corporation shares hit respective 52-week highs in today's session

sugar stocksPiccadily Agro Industries shares were locked in 20 upper circuit at Rs 11.35 apiece on BSE

Sugar companies shares gained up to 20 per cent on BSE in Friday’s session as a news report suggested that the government is mulling a proposal to hike the minimum selling price (MSP) of sugar from the existing Rs 31 per kg. Besides, most of the sugar companies such as Dwarikesh Sugar, Triveni Engineering & Industries, reported strong numbers in the January-March quarter of the financial year 2019-20. EID Parry, Piccadily Agro Industries, KCP Sugar & Industries Corporation shares hit respective 52-week highs in today’s session.

Piccadily Agro Industries shares were locked in 20 per cent upper circuit at Rs 11.35 apiece on BSE. Similarly, Dalmia Bharat Sugar and Industries, Ponni Sugars, Balrampur Chini Mills, KCP Sugar & Industries Corporation, Magadh Sugar & Energy, Avadh Sugar & Energy and Dhampur Sugar Mills were up in the range of 3 per cent to 8 per cent on the BSE. In comparison, the S&P BSE Sensex was up 1.04 per cent at 34,562. “The government is considering a proposal to increase the minimum selling price (MSP) of sugar from Rs 31 per kg in order to help millers clear cane dues of about Rs 22,000 crore to farmers,” a PTI report quoted food secretary Sudhanshu Pandey as saying.

Triveni Engineering & Industries share price hit 5 per cent upper circuit at Rs 56.55 apiece in today’s session. Earlier this week, the company reported a 74.9 per cent growth in revenues and 72.6 per cent growth in earnings. Robust revenue growth was led by 105 per cent growth in sugar and 97 per cent in distillery segment. ICICI Direct Research has given a ‘buy’ rating to the stock with a price target of Rs 82, an upside of 52 per cent from yesterday’s close. “With the introduction of MSP, the continuance of export policy and Triveni’s effort towards diverting higher sugarcane towards ethanol has created a strong business model with sustainable earnings & stronger balance sheet,” it said in a report.

Balrampur Chini Mills in a regulatory filing said that the meeting of the board of directors of the company will be held on Tuesday, June 23, to consider the financial results for the quarter and year ended March 31, 2020. The board will also consider share buyback proposal and recommendation of final dividend, if any.

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