Sugar shares dip on profit booking
Oudh Sugar, Uttam Sugar, Kesar Enterprises, Upper Ganges, Dwarikesh Sugar and Simbhaoli Sugar down over 5% each.
 "Sugar shares dip on profit booking")
Shares of sugar producers have fallen by up to 10% in otherwise firm market on profit booking.
Oudh Sugar Mills (down 10% at Rs 73), Uttam Sugar Mills (8% at Rs 54), Kesar Enterprises (8% at Rs 39), Upper Ganges Sugar (7% at Rs 127), Dwarikesh Sugar (6% at Rs 181), Simbhaoli Sugar (6% at Rs 33), Dhampur Sugar (6% at Rs 87) and Rajshree Sugars (6% at Rs 51) were down more than 5% each on the BSE.
At 12:38 pm, the S&P BSE Sensex was up 0.46% or 116 points at 25,137.
Since February 29, post Budget most of the sugar stocks had rallied more than 50% on expectation of lower production for sugar season 2016-17.
According to Reuters report, India is likely to hold off at least until the start of the monsoon season before making any changes to sugar policy despite a jump in domestic prices that choked off exports.
Before taking any decisions on sugar policy, the government is expected to wait to see how the monsoon season develops. India's annual monsoon rains are likely to be above average, the country's only private weather forecaster said on Monday, snapping two straight years of drought that cut farm output and farmers' income, added report. CLICK HERE TO READ FULL REPORT.
Oudh Sugar Mills (down 10% at Rs 73), Uttam Sugar Mills (8% at Rs 54), Kesar Enterprises (8% at Rs 39), Upper Ganges Sugar (7% at Rs 127), Dwarikesh Sugar (6% at Rs 181), Simbhaoli Sugar (6% at Rs 33), Dhampur Sugar (6% at Rs 87) and Rajshree Sugars (6% at Rs 51) were down more than 5% each on the BSE.
At 12:38 pm, the S&P BSE Sensex was up 0.46% or 116 points at 25,137.
Since February 29, post Budget most of the sugar stocks had rallied more than 50% on expectation of lower production for sugar season 2016-17.
According to Reuters report, India is likely to hold off at least until the start of the monsoon season before making any changes to sugar policy despite a jump in domestic prices that choked off exports.
Before taking any decisions on sugar policy, the government is expected to wait to see how the monsoon season develops. India's annual monsoon rains are likely to be above average, the country's only private weather forecaster said on Monday, snapping two straight years of drought that cut farm output and farmers' income, added report. CLICK HERE TO READ FULL REPORT.
| Company | 29/02/2016 | 11/4/206 | % | LTP | % chg |
| Oudh Sugar Mills | 37.3 | 80.5 | 115.7 | 72.8 | -9.6 |
| Kesar Enterprise | 20.3 | 41.9 | 106.9 | 38.5 | -8.2 |
| Uttam Sug.Mills | 21.2 | 58.6 | 176.2 | 54.2 | -7.5 |
| Upper Gang. Sug. | 57.0 | 137.5 | 141.2 | 127.3 | -7.4 |
| Rajshree Sugars | 23.0 | 54.0 | 134.8 | 50.5 | -6.5 |
| Dwarikesh Sugar | 102.1 | 192.8 | 88.8 | 181.4 | -5.9 |
| Dhampur Sugar | 56.0 | 92.1 | 64.4 | 86.9 | -5.6 |
| Sakthi Sugars | 23.4 | 40.9 | 74.6 | 38.7 | -5.4 |
| Thiru Aroor. Su. | 36.1 | 71.3 | 97.4 | 67.7 | -5.0 |
| Dalmia Bharat | 60.8 | 100.8 | 65.8 | 95.9 | -4.9 |
| Dharani Sugars | 14.7 | 34.0 | 131.7 | 32.3 | -4.9 |
| Mawana Sugars | 18.0 | 30.9 | 71.7 | 29.4 | -4.9 |
| Sensex | 23002.0 | 25022.0 | 8.8 | 25137.0 | 0.5 |
| LTP : Last traded price on BSE in Rs at 12:38 PM. | |||||