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| Sugar stocks fall as govt caps bulk supplies |
| BS Reporter / Mumbai Aug 25, 2009, 16:38 IST |
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Balrampur Chini Mills slipped to a low of Rs 112 and finally ended with a loss of 2.8% at Rs 113. Around 728,964 shares were traded on the BSE today.
Bajaj Hindustan extended losses and touched a low of Rs 170. It ended at Rs 171 - down 3.5%. Over 1.15 million shares changed hands at the counter today.
Shree Renuka Sugars dipped further into the red to a low of Rs 177. It recovered partially to end at Rs 180 - down 2%. The counter witnessed comparatively thin volumes of 750,620 shares as against its two-week daily average trade of 1.58 million shares.
Bannari Amman Sugars tumbled 4.5% to Rs 1,282. Simbhaoli Sugar dipped 3.8% to Rs 56.
Uttam Sugar Mills dropped 2.7% to Rs 63. Ravalgaon Sugar Farm slipped 2.3% to Rs 8,808.
Dhampur Sugar Mills paired gains and ended at Rs 90 - down 2.2%.
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(Updated at 1031 hrs)
The government's decision to limit sugar stocks with bulk buyers has not gone down well with stock market players. Most sugar stocks have declined today, following the decision.
According to the new policy, bulk consumers, like ice cream manufacturers and biscuit manufacturers, can keep supplies for not more than 15 days. This limit would be in force for six months and has been taken keeping in view the sudden hike in sugar prices. Less production and failed monsoon concerns have been the main reason for the price doubling to Rs 35 a kg in a year's time.
Bajaj Hindustan opened at Rs 175 and slipped over 2% to a low of Rs 172. It is now down 1.7% at Rs 174. The counter has clocked a volume of 189,229 shares on the BSE.
Balrampur Chini Mills opened at Rs 116 and is now trading at the days low at Rs 115 - down 1%. Around 74,889 shares have been traded so far.
Shree Renuka Sugar opened at Rs 183 and touched a high of Rs 185. However, from there it fell 3% to a low of Rs 180. The stock is now down 2% at Rs 181. Around 70,215 shares have been traded on the BSE so far.
Uttam Sugar has dropped 3% to Rs 63. Bannari Amman Sugars and Ravalgaon Sugar Farm are down 1.5% each at Rs 1,325 and Rs 8,895, respectively. Simbhaoli Sugar has shed 2%.
Dhampur sugar mills has dipped 1% to Rs 91.
Triveni Engineering & Industries and Andhra Sugar are flat at Rs 107 and Rs 136, respectively. Dwarikesh is at Rs 102.
However, Oudh Sugar has gained 2.3% to Rs 77. Over 9,300 shares have changed hands at the counter so far.
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