Sugar stocks soar 11 pc on BSE

The sugar counters gained 11 per cent buoyed by Sharad Pawar...

The sugar counters gained 11 per cent buoyed by Food and Agriculture Minister Sharad Pawar’s statement that he favours ending government’s role in fixing sales quota on industry.

Cheering the move,shares of Bajaj Hindusthan Sugar & Industries rose 3.19 per cent to settle at Rs 22.65 on the Bombay Stock Exchange after going up 4.78 per cent during the trade to an intra-day high of Rs 23.

Balrampur Chini Mills finished at Rs 87.15,up 3.87 per cent after climbing 5.72 per cent to hit a month high at Rs 88.70.

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Oudh Sugar Mills closed at Rs 40.40,up 10.38 per cent after rising 15.16 per cent to touch a month high of Rs 42.15.

Other sugar stocks,including Shree Renuka Sugars climbed 3.12 per cent to close at Rs 71.15 after touching a month’s high of Rs 72.50,while Simbhaoli Sugars finished at Rs 42.70,up 5.17 per cent,Triveni Engineering & Industries settled up 5.34 per cent at Rs 107.55.

Pawar today said a decision on decontrolling the sugar industry could be taken if there is good production in the next crop year starting October.

The government controls the sugar sector right from fixing the support price of cane to the quantity of the sweetener to be sold in the open market every month.

For Kolkata, the IMD has forecast mostly cloudy skies with light to moderate rain or thundershowers on most days through Panchami.

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