Sugar stocks surge as government hikes import duty

India Infoline News Service | Mumbai | July 11, 2017 10:17 IST

Sugar stocks started their Tuesday’s trade on a bullish mood as the government has increased import duty on sugar to 50%.

Sugar stocks started their Tuesday’s trade on a bullish mood as the government has increased import duty on sugar to 50% from previous 40% to curb dumping of the commodity in India as international prices fell.

Rana Sugar soared 6.57% at Rs 9.73 per share, Sakhti Sugar soared 6.49% at Rs 32.00 per share, Shree Renuka Sugars soared 4.31% at Rs 15.74 per share, KCP Sugar & Industries Corporation soared 4% at Rs 33.80 per share, Mawana Sugar soared 2.89% at Rs 83.60 per share and Balrampur Chini Mills soared 2.09% at Rs 156.60 per share on BSE on the morning hours.

Meanwhile, BSE Sensex surged 67 points or 0.21% at 31,782 level and Nifty gained 20.80 or 0.21% at 9791 level on Tuesday’s intra-day trade.

Stock view:

Mawana Sugars Ltd is currently trading at Rs 83, up by Rs 1.75 or 2.15% from its previous closing of Rs 81.25 on the BSE.
 
The scrip opened at Rs 84.2 and has touched a high and low of Rs 85.5 and Rs 82.6 respectively. So far 310626(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 317.85 crore.
 
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 99 on 23-May-2017 and a 52 week low of Rs 34.65 on 17-Nov-2016. Last one week high and low of the scrip stood at Rs 82.4 and Rs 76 respectively.
 
The promoters holding in the company stood at 69.88 % while Institutions and Non-Institutions held 2.11 % and 28 % respectively.
 
The stock is currently trading above its 100 DMA.

***Note: This is a NSE Chart

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

 

Advertisements

  • Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
  • Now Save Rs.3150 on your Demat Account ...Click here
  • Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
  • Get the most detailed result analysis on the web - Real Fast!
  • Actionable & Award-Winning Research on 500 Listed Indian Companies.