Sugar stocks surge up to 20%

Shares of sugar companies saw heavy buying today and rose up to 20 per cent in an otherwise quiet broader market.
The scrip of Shree Renuka Sugars zoomed 20 per cent, Bajaj Hindusthan Sugar soared 9.29 per cent and Sakthi Sugars climbed 8.64 per cent on BSE.
Among others, Simbhaoli Sugars jumped 7.34 per cent, Dhampur Sugar Mills surged 5.58 per cent and Balrampur Chini Mills rose by 1.61 per cent.
The BSE benchmark Sensex today retreated from its record high and ended lower by 9 points in a range-bound session.
Reports that the government is considering raising import duty on sugar to 60 per cent from the current 40 per cent to restrict cheap shipments and maintain domestic prices boosted buying sentiment in sugar stocks.