Sugar stocks hog the limelight, Andhra Sugar soars over 8%

As of now, the government has no plan to lower the 40% import duty on sugar, as supplies this year are seen enough to meet demand, according to Minister Ram Vilas Paswan.

Mar 17, 2017 02:03 IST India Infoline News Service

Sugar stocks in closing hours of trade are sizzling on bourses ahead of the sugar output data.
 
As of now, the government has no plan to lower the 40% import duty on sugar, as supplies this year are seen enough to meet demand, according to Minister Ram Vilas Paswan.
 
ISMA recently also lowered the production estimate by about 10 lakh tonnes for 2016-2017. 
 
Stocks such as, Andhra Sugar is up by 8.5%, Upper Ganges is up by 6.6%, Oudh Sugar Mills is up by 5%, Dwarikesh Sugar is up by 4.4%, Dhampur Sugar is up by 4.1%, Mawana Sugars is up by 3.6%, KCP Sugar is up by 3% and Balrampur Chini is up by 2.5% in Friday’s trading session.
 
Dhampur Sugar and Andhra Sugar hit their 52-week highs on Friday's trade.
 
Dhampur Sugar hit a high of Rs 241.50 and Andhra Sugar hit a high of Rs 309 per share, witnessing a huge spurt in volumes by over 9.75 times.

Stock view:-
 
Andhra Sugars Ltd is currently trading at Rs 298.65, up by Rs 21.25 or 7.66% from its previous closing of Rs 277.4 on the BSE.
 
The scrip opened at Rs 280 and has touched a high and low of Rs 309 and Rs 278.15 respectively. So far 876759(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 752.03 crore.
 
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 281.7 on 13-Feb-2017 and a 52 week low of Rs 130.2 on 29-Mar-2016. Last one week high and low of the scrip stood at Rs 278.95 and Rs 262.15 respectively.
 
The promoters holding in the company stood at 47.03 % while Institutions and Non-Institutions held 0.83 % and 52.14 % respectively.
 
The stock is currently trading above its 50 DMA.

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