Sugar stocks surge after Govt hikes import duty

Ten sugar stocks surged by 0.37% to 5% at 11:50 IST on BSE after the government yesterday, 10 July 2017, issued notification increasing import duty on sugar to 50% from 40%, to restrict cheap inward shipments and maintain domestic prices.

Meanwhile, the S&P BSE Sensex was up 99.34 points or 0.31% at 31,814.98.

Empee Sugars & Chemicals (up 5%), Sakthi Sugars (up 4.49%), Rana Sugars (up 3.94%), KCP Sugar & Industries (up 3.38%), Shree Renuka Sugars (up 1.66%), Dhampur Sugar Mills (up 1.24%), Triveni Engineering & Industries (up 0.96%), Bajaj Hindusthan Sugar (up 0.82%), Balrampur Chini Mills (up 0.81%) and Dwarikesh Sugar Industries (up 0.37%) edged higher.

A notification issued by the revenue department yesterday, 10 July 2017 said that import duty on sugar (raw sugar, refined or white sugar, raw sugar if imported by bulk consumers) has been increased from the present 40% to 50% with immediate effect and without an end date.

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