Nine sugar stocks surged 1.61% to 8.4% at 12:47 IST on BSE, reacting to a spike in sugar prices on the NCDEX, where it got locked in upper circuit.
Meanwhile, the S&P BSE Sensex was down 59.43 points or 0.19% at 31,895.92.
Triveni Engineering & Industries (up 8.4%), Shree Renuka Sugars (up 7%), Sakthi Sugars (up 4.41%), Dhampur Sugar Mills (up 4.03%), Rana Sugars (up 3.7%), Dwarikesh Sugar Industries (up 2.74%), Bajaj Hindusthan Sugar (up 2.66%), Balrampur Chini Mills (up 1.98%) and KCP Sugar & Industries (up 1.61%) surged.
Recently, the Government of India had hiked import duty on sugar to 50% from 40% with effect from 10 July 2017, to restrict cheap inward shipments and maintain domestic prices.
Also, the demand for sugar is expected to rise as the festive season is around the corner.
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