Market Now: Sugar stocks in a sweet spot on export duty cut
NEW DELHI: Most of the sugar stocks were trading in the green in the morning trade on Wednesday after the government on Tuesday scrapped the 20 per cent 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.
Shares of KCP Sugar & Industries (up 5.09 per cent), Piccadily Agro Industries (up 4.83 per cent), K.M.Sugar Mills (up 4.67 per cent), Gayatri Sugars (up 4.27 per cent), Ugar Sugar Works (up 3.66 per cent), AVADHSUGAR (up 3.17 per cent), Kesar Enterprise (up 2.84 per cent), Rana Sugars (up 2.64 per cent), Sakthi Sugars (up 2.52 per cent), Dhampur Sugar Mills (up 2.45 per cent), Mawana Sugars (up 2.27 per cent) and Dalmia Bharat Sugar & Industries (up 2 per cent) were among the top gainer ..
However, shares of Ponni Sugars (Erode) (down 6.22 per cent), Indian Sucrose (down 4.94 per cent), SBEC SugarBSE -4.24 % (down 4.24 per cent), Sir Shadi Lal Enterprises (down 1.15 per cent), Simbhaoli SugarsBSE 4.97 % (down 0.86 per cent) and Dharani Sugars & Chemicals (down 0.85 per cent) were trading in the red around the same time.
Buying in telecom, auto, bank, financial and IT stocks amid a firm trend in global equities, ahead of US Federal Reserve’s policy meet outcome later in the day, were keeping the bourses up.
However, shares of Ponni Sugars (Erode) (down 6.22 per cent), Indian Sucrose (down 4.94 per cent), SBEC SugarBSE -4.24 % (down 4.24 per cent), Sir Shadi Lal Enterprises (down 1.15 per cent), Simbhaoli SugarsBSE 4.97 % (down 0.86 per cent) and Dharani Sugars & Chemicals (down 0.85 per cent) were trading in the red around the same time.
Buying in telecom, auto, bank, financial and IT stocks amid a firm trend in global equities, ahead of US Federal Reserve’s policy meet outcome later in the day, were keeping the bourses up.
The NSE Nifty index was trading 92 points up at 10,217, while the BSE Sensex was up 318 points at 33,315 around 10:15 am (IST).
Among the 50 stocks in the Nifty50 pack, 39 were trading in the green, while 11 were in the red
Indiabulls Housing Finance, Bharti AirtelBSE 3.21 %, UltraTech Cement, YES Bank and Axis Bank were among the top gainers in the Nifty index.
On the other hand, Bharti Infratel, Tech MahindraBSE -0.64 %, Eicher Motors, Bosch and Zee Entertainment Enterprises were among the top losers in the Nifty pack of stocks.
Indiabulls Housing Finance, Bharti AirtelBSE 3.21 %, UltraTech Cement, YES Bank and Axis Bank were among the top gainers in the Nifty index.
On the other hand, Bharti Infratel, Tech MahindraBSE -0.64 %, Eicher Motors, Bosch and Zee Entertainment Enterprises were among the top losers in the Nifty pack of stocks.
Source: The economic Times – Published on: 21-03-2018