Indian sugar mills association

Market now: Sugar stocks recover a bit after govt doubles import duty on sugar

Date:	06 Feb 2018

Source:	The Economic Times

Reporter:	ETMarkets.com

News ID:	29812

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NEW DELHI: Some sugar stocks including MAGADHSUGAR (up 5.48 per cent) and Simbhaoli Sugars (up 4.95 per cent) were trading up in afternoon trade on Tuesday after reports emerged that the government had doubled the import duty on sugar to 100 per cent.

Stocks such as Upper Ganges Sugar & Industries (up 1.17 per cent), Uttam Sugar Mills (up 1.05 per cent) and Dalmia Bharat Sugar & Industries (up 0.09 per cent) were also seen in the green.

However, shares of some sugar companies such as Parrys Sugar Industries (down 9.86 per cent), Dharani Sugars & Chemicals (down 5.34 per cent), K.M.Sugar Mills (down 5.15 per cent) and Empee Sugars & Chemicals (down 4.82 per cent) were trading down.

Domestic markets recovered a bit tracking global cues. The NSE Nifty50 index was trading 151 points down at 10,516 around 02:10 pm (IST), while the 30-share BSE Sensex was 501 points down at 34,256.

Shares of Bajaj Finance (up 2.17 per cent), Eicher Motors (up 1.18 per cent), Tata Steel (up 0.89 per cent), Bharti Airtel (up 0.75 per cent), Larsen & Toubro (up 0.23 per cent), Dr. Reddy's Laboratories (up 0.21 per cent), ICICI Bank (up 0.18 per cent) and Adani Ports & Special Economic Zone (up 0.04 per cent) were trading up in the Nifty50 index.

On the other hand, Tata Motors (down 4.99 per cent), HCL Technologies (down 3.52 per cent), Tech Mahindra (down 3.46 per cent), GAIL (India) (down 2.66 per cent), Tata Consultancy Services (down 2.58 per cent) and Kotak Mahindra Bank (down 2.57 per cent) were the top losers among the Nifty stocks.

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