Shares of sugar companies surged after a business channel said that Agriculture Minister Sharad Pawar had made a formal presentation to the Prime Minister on decontrol of the sugar sector.
Shares of companies such as Renuka Sugar, Balrampur Chini, Bajaj Hindusthan, Dwarikesh Sugar, Triveni Engineering and Sakthi Sugar all rose sharply following the news.
The shares of Shree Renuka Sugars Ltd., closed higher at Rs68 up Rs2.65 or 4.06% over the last close. The stock touched an intra day of Rs70.25 and a low of Rs65.75, after opening at Rs66.
The share of Balrampur Chini Mills Ltd., closed higher at Rs88 up Rs2.55 or ~3% over the previous close. The stock touched an intra day high of Rs90.40 and a low of Rs86.15, after opening at Rs86.45.
The shares of Bajaj Hindusthan Sugar & Industries Ltd., closed higher at Rs22.55 up Rs1.05 or 4.88% over the previous close. The stock touched an intra day high of Rs22.55, after opening at the day's low of Rs22.
The shares of Dwarikesh Sugar Industries Ltd., closed higher at Rs91.35 up Rs 15.20 or 19.96% over the previous close. The stock touched an intra day high of Rs 91.35 and a low of Rs76.50, after opening at Rs78.45.
The shares of Sakthi Sugars Ltd., closed higher at Rs54.75 up Rs4.45 or ~9% over the previous close. The stock touched a high of Rs56.40 and a low of Rs 50.55, after opening at Rs51.45.