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Wednesday, July 18, 2018

Sugar scrips surge as govt frees export

Sugar companies shares surged as sentiment turned bullish after govt decided to free sugar export.

Written by Agencies | Mumbai | Published: May 3, 2012 12:38:43 pm

Shares of sugar companies surged in an otherwise weak stock market today as sentiment turned bullish on the sector after the government decided to free sugar export to help mills clear cane arrears of over Rs 10,000 crore to farmers.

Triveni Engineering shot-up 11.48 per cent to Rs 16.60,while Bajaj Hindusthan jumped 5.33 per cent to Rs 31.60 on the BSE.

Balrampur Chini Mills gained 5.88 per cent,Dwarikesh Sugar surged 8.5 per cent,Shree Renuka Sugars soared 6.32 per cent. Similarly,Dhampur Sugar Mills was trading higher by 4.52 per cent and Oudh Sugar Mills was up 11.34 per cent.

The government yesterday decided to free sugar export to help mills clear cane arrears of over Rs 10,000 crore to farmers,and set up an expert panel to formulate a policy to handle surplus foodgrains in view of storage crunch.

Reports that sugar exports are freed and have been brought under open general license (OGL) scheme led to spurt in buying these stocks.

The rally outperformed the weak broader market where the BSE benchmark Sensex was trading at 17,198.51,down 103.40 points at 1120 hours.

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