Eight sugar stocks rose by 2.67% to 11.36% at 15:18 IST on BSE on reports that the group of ministers are meeting today, 6 December 2013 to discuss a bailout package for cash-starved sugar mills and to ensure timely payments to cane growers.
Triveni Engineering & Industries (up 2.7%), Dwarikesh Sugar Industries (up 5%), Dhampur Sugar Mills (up 4.96%), Oudh Sugar Mills (up 10.98%), Shree Renuka Sugars (up 4.74%), Bajaj Hindusthan (up 6.25%), Sakthi Sugars (up 11.36%), and Balrampur Chini Mills (up 2.67%) edged higher.
Meanwhile, the S&P BSE Sensex was up 7.98 points, or 0.04% at 20,965.79
As per reports, a high-level meeting of informal group of ministers (GoM) is scheduled today, 6 December 2013 to take a final call over the sugar price impasse. Farmers in Maharashtra and Karnataka are demanding Rs 300 per quintal for sugarcane, while Uttar Pradesh has insisted that mills pay Rs 280 per quintal this year.
Faced with liquidity crunch, the sugar industry has demanded interest-free loans for working capital requirement, hike in import duty, export subsidies among others. The industry is grappling with financial problems due to high cost of production and low sugar prices in the wake of surplus production in the last few years.
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