Sugar majors plunge on global price fall

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New Delhi | Updated: April 12, 2016 5:06 PM

Sugar stocks such as the Oudh Sugar Mills and Balrampur Chini Mills mostly ended in red on Tuesday on account of fall in global sugar prices.

sugar stocks, balrampur chini, oudh sugar millsSugar stocks such as the Oudh Sugar Mills and Balrampur Chini Mills mostly ended in red on Tuesday on account of fall in global sugar prices. (Reuters)

Sugar stocks such as the Oudh Sugar Mills and Balrampur Chini Mills mostly ended in red on Tuesday on account of fall in global sugar prices.

Shares of the Oudh Sugar Mills settled 5.47 per cent lower at Rs 76.05. The scrip opened at Rs 81.50 and has touched a high and low of Rs 81.85 and Rs 70.35, respectively.

Balrampur Chini Mills closed 3.75 per cent down at Rs 103.90. Shares of the company opened at Rs 106.55 and touched a high and low of Rs 108 and Rs 101.80, respectively, in trade.

Raw sugar on ICE fell more than 3 per cent to a six-week low on Monday after data last week showed a smaller-than-expected cut in the net long position held by speculators and spurred heavy selling.

Other sugar majors such as Shree Renuka Sugars (down 1.02 per cent) and Dhampur Sugar Mills (down 5.27 per cent) also settled lower than the neutral line.

Global sugar prices haven fallen more than 15 per cent in last three weeks. Indian sugar prices have lost about 6 per cent on India’s commodity bourse MCX in previous two weeks.

(With inputs from Reuters)

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