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  1. Sugar stocks sweeten on hike in import duty

Sugar stocks sweeten on hike in import duty

EID Parry witnessed huge surge in the traded volume. Over 20 lakh shares traded on BSE and NSE against 30-day combined average volume of 1.84 lakh shares.

By: | Mumbai | Updated: April 30, 2015 4:59 AM

While the markets ended in red on Wednesday, most sugar stocks bucked the trend with gains of as much as 4% for the session after the government decided to increase import duty to discourage cheap imports.

The government approved raising the import tax to 40% from 25%, following a decision by the Cabinet Committee on Economic Affairs (CCEA). It also scrapped a 12.36% excise duty on ethanol made from molasses that is used for blending with gasoline, effective from 2015-16 sugar seasons. A plan under which exporters were allowed to bring in duty-free raw sugar, has also been cancelled. The announcement is seen supporting falling sugar prices in the country.

Among individual stocks, Triveni Engineering rallied the most with a gain of 4.14% on the BSE, followed by EID Parry (3.25%) and Dhampur Sugar (2.21%). Intraday, stocks rallied anywhere between 3-7%. While Dhampur Sugar, Dwarikesh Sugar and Triveni Engineering gained more than 6% intraday, EID Parry (India), Bajaj Hindusthan, Balrampur Chini Mill and Rana Sugars climbed between 4-5%.

Sugar stocks

EID Parry witnessed huge surge in the traded volume. Over 20 lakh shares traded on BSE and NSE against 30-day combined average volume of 1.84 lakh shares. Balrampur Chini witnessed a three-fold jump in the trading activity while shares of Dhampur Sugar, Bajaj Hindusthan and Shree Renuka traded over two times their 30-day average volume.

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Tags: Sugar

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