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Sugar stocks surges after Cabinet hikes 25pc ethanol prices

Press Trust of India  |  New Delhi 

stocks gained up to 18 per cent Wednesday after the government approved an over 25 per cent hike in the price of produced directly from juice for blending in petrol.

Shares of surged 6.47 per cent to close at Rs 393.90 on the During the trading session, the stock had touched an intra-day high of Rs 402.25 and low of Rs 374.

The stock of Mills jumped 9.59 per cent to settle at Rs 97.70 and Magadh & Energy rose 9.61 per cent to end at Rs 89.

Similarly, Simbhaoli Sugars, 17.81 per cent, Shree Renuka Sugars, 11.30 per cent, Ugar Sugar, 5.49 per cent, Dwarikesh Sugar Industries, 5.91 per cent saw northward movement on

Meanwhile the 30 share index, Sensex zoomed 305 points or 0.81 per cent ending at 37,717.96.

The raised the procurement price of derived from 100 per cent juice to Rs 59.13 per litre from the current rate of Rs 47.13. The move would help sugar mills quickly release arrears of cane farmers, which stands at over Rs 13,000 crore.

According to market experts, gain in the counter of sugar prices is mainly due to the government approval of hike in the prices of

Such increase may result into more sugar production as more mills may start producing ethanol, they added.

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

First Published: Wed, September 12 2018. 20:35 IST