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Sugar stocks surge after Govt hikes import duty

Capital Market 

Ten sugar stocks surged by 0.37% to 5% at 11:50 on after the yesterday, 10 July 2017, issued notification increasing import duty on sugar to 50% from 40%, to restrict cheap inward shipments and maintain domestic prices.

Meanwhile, the S&P Sensex was up 99.34 points or 0.31% at 31,814.98.

Empee Sugars & Chemicals (up 5%), Sakthi Sugars (up 4.49%), Rana Sugars (up 3.94%), KCP Sugar & Industries (up 3.38%), Shree Renuka Sugars (up 1.66%), Mills (up 1.24%), Triveni Engineering & Industries (up 0.96%), Bajaj Hindusthan Sugar (up 0.82%), Balrampur Chini Mills (up 0.81%) and Industries (up 0.37%) edged higher.

A notification issued by the revenue department yesterday, 10 July 2017 said that import duty on sugar (raw sugar, refined or white sugar, raw sugar if imported by bulk consumers) has been increased from the present 40% to 50% with immediate effect and without an end date.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 11 2017. 11:49 IST