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Sugar stocks buck falling market trend, as govt moves to stem price fall

Gain on a price rise following government's release quota, doubling import duty and a buzz of scrapping export duty

sugar

Sugar stocks bucked the broader downward trend in the benchmark Sensex and Nifty on Friday, following the government's decision to impose stock holding limits to check excess release of sugar into the market and arrest a fall in its price. While the Uttam Sugar stock surged 11.42 per cent to Rs 128.25, that of Mawana Sugars Ltd moved up by 7.68 per cent to Rs 65.20. Shares of Dhampur Sugar closed 5.5 per cent up to Rs 204.45 on Friday, In contrast, the S&P BSE Sensex shed 1.18 per cent or 407.40 points to end the day at 34005.76. Likewise, the Nifty 50 ended on Friday with a decline ...