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Sugar stocks gain as Govt scraps export duty

Capital Market 

stocks advanced at 10:38 IST on BSE after the government yesterday, 20 March 2018, scrapped the 20% export duty on in a bid to lift its domestic price.

Meanwhile, the was up 325.32 points or 0.99% at 33,322.08.

KCP & Industries (up 4.31%), (up 1.44%), EID-Parry (India) (up 1.55%), Sugar Mills (up 2.45%), (up 2.52%), (up 2.24%), (up 1.45%) and (up 0.79%) gained. was flat at Rs 15.50.

Government on 20 March 2018 scrapped the 20% export duty on sugar in a bid to boost overseas sales of the commodity and lift its domestic price. The country is facing surplus production of the sweetener. Industry body (ISMA) has revised India's 2017-18 sugar production estimate to 29.5 million tonnes from its second advance estimate of 26.1 million tonnes.

Last month, the government doubled import duty on sugar to 100% to keep a check on falling prices. Sugar marketing year runs from October to September.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 21 2018. 10:39 IST