Sugar shares fall after Cabinet gives nod for bailout package

Triveni Engineering, Dwarikesh Sugar, Balrampur Chini, Kesar Enterprises, Magadh Sugar and Simbhaoli Sugars were trading down in the range of 5% to 8% on the BSE at 02:27 pm.

Shares of sugar companies have fallen by upto 12% from their respective intra-day highs on the BSE after the Cabinet on Wednesday approved Rs 85 billion bailout package for the sugar industry.

At 02:27 pm: Triveni Engineering & Industries, Dwarikesh Sugar Industries, Balrampur Chini Mills, Kesar Enterprises, Magadh Sugar & Energy and Simbhaoli Sugars were trading down in the range of 5% to 8% on the BSE. On comparison, the S&P BSE Sensex was up 0.50% at 35,079 points.

The package includes Rs 45 billion soft loans for building ethanol production capacity and creating a 3 million tonne