Sugar stocks surge on talk of import duty hike

The government plans to hike import duty on sugar to 40% from 15%

Shares of sugar companies were trading higher on talk that the government plans to substantially hike the import duty on sugar.

Food Minister Ramvilas Paswan on Wednesday said his ministry would soon recommend raising the import duty on sugar to 40% from the existing 15% with a view to reduce the surplus.

Among the sugar stocks, Balrampur Chini, Shree Renuka Sugars, Bajaj Hindusthan, Dhampur Sugar and Triveni Engineering were up 2-3% each.