Sugar shares rally on decontrol hopes
Bajaj Hindustan, Shree Renuka Sugars, Balrampur Chini Mills and Dhampur Sugar Mills are up 5-9% on BSE compared to around 2% fall in benchmark Sensex.
Shares of sugar manufacturer have rallied up to 9% in late noon trades in otherwise extremely weak market on hopes that the government may soon remove some curbs on the tightly controlled sector.
“The union cabinet is expected to discuss the much-awaited measure to abolish the levy sugar mechanism as part of the government’s proposed move to partially unshackle the sugar sector from its control in a meeting today,” the Business Standard report suggests.
The issue was to discussed last month, but had to be postponed because the Cabinet Committee on Economic Affairs (CEA) did not meet, it was also listed for Tuesday, but had to be postponed as Finance Minister was out of town, added report.
Among the individual stocks, Bajaj Hindustan and Shree Renuka Sugars have rallied almost 9% to Rs 21.65 and Rs 25.35 respectively on BSE. Balrampur Chini Mills and Dhampur Sugar Mills are trading higher by 5% each compared to around 2% drop in the benchmark Sensex.
“The union cabinet is expected to discuss the much-awaited measure to abolish the levy sugar mechanism as part of the government’s proposed move to partially unshackle the sugar sector from its control in a meeting today,” the Business Standard report suggests.
The issue was to discussed last month, but had to be postponed because the Cabinet Committee on Economic Affairs (CEA) did not meet, it was also listed for Tuesday, but had to be postponed as Finance Minister was out of town, added report.
Among the individual stocks, Bajaj Hindustan and Shree Renuka Sugars have rallied almost 9% to Rs 21.65 and Rs 25.35 respectively on BSE. Balrampur Chini Mills and Dhampur Sugar Mills are trading higher by 5% each compared to around 2% drop in the benchmark Sensex.