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This is an archive article published on March 22, 2011

Sugar stocks up 10 on exports buzz

Sharad Pawar's power talk sparked a buying frenzy in sugar stocks on Tuesday.

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Sugar stocks rose by nearly 10 per cent on BSE on hopes that the government is likely to allow sugar exports of up to two lakh tonnes.

Led by Oudh Sugar Mills,the entire sugar pack displayed a good trading session. Oudh Sugar closed 9.98 per cent up at Rs 31.40 a share on the Bombay Stock Exchange BSE.

An empowered group of ministers EGOM on Food,headed by Finance Minister Pranab Mukherjee,is scheduled to meet on Tuesday to discuss allowing sugar exports under the Open General Licence OGL.

Buoyed by the news,the scrip of Bajaj Hindusthan went up by 2.55 per cent to Rs 70.45 a piece,while Shree Renuka Sugars gained 3.07 per cent to finish the day at Rs 72.20 a share.

Others like Simbhaoli Sugars rose by 2.48 per cent,EID Parry by 0.66 per cent and Triveni Engineering by 0.10 per cent.

Meanwhile,the BSE barometer Sensex closed at 17,988.30 level,149.25 points up from its previous close.

 

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