Sugar stocks in limelight on buzz of import duty hike

The government is likely to hike import duty on sugar to 40 percent from present 25 percent, in its bid to check fall in prices.

Apr 22, 2015 10:04 IST India Infoline News Service

Balrampur Chini Mills
Sugar stocks were once again in limelight on reports that the government is likely to hike import duty on sugar to 40 percent from present 25 percent, in its bid to check fall in prices. Balrampur Chini, Rana Sugars, Uttam Sugar Mills and Dhampur Sugar ended with gains of around 2 percent each.

On Wednesday, the Sensex had managed to hold on to a gain of 100-odd points for the better part of the morning trade. However, the BSE index crashed to a low of 27,385 - down around 400-odd points from the early morning highs around 27,827 and  finally ended with a gain of 214 points at 27,890, thereby snapping its five-day losing streak wherein the benchmark had shed 1,368 points.

The NSE Nifty tanked below the crucial 8,300-level to touch a low of 8,285, but shot back smartly to end with a subtle gain of 52 points at 8,430.

The India VIX (Volatility) index rose by more than a percent to 17.21.

Related Story