Sugar stocks sweeten portfolio after shares jump on govt revival hope

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Sugar stocks sweeten portfolio after shares jump on govt revival hope
Dhampur Sugar Mills: Quotes, News
BSE 113.00BSE Quote0.7 (0.62%)
NSE 112.90NSE Quote1 (0.89%)
KCP Sugar & Industries Corporation: Quotes, News
BSE 28.45BSE Quote0.55 (1.93%)
NSE 28.40NSE Quote0.55 (1.94%)
Sugar stocks have been rallied once again today on hopes there would be dramatic changes for the sector.

Shares of Shree Renuka Sugars was up 12 per cent, Bajaj Hindustan was up 7 per cent, Balrampur gained 7 per cent and Dhampur Sugars rallied 8 per cent in trade. Other sugar stocks like Triveni and KCP also rallied in trade.

The government will examine raising import tax on sugar to support local prices and help mills clear dues to cane growers, Food Minister Ram Vilas Paswan said on Thursday.

Paswan also said that the government is examining providing additional interest-free loans of Rs 4,400 crore to cash-strapped sugar mills to clear dues to cane farmers.

There were also reports that the government may look at encouraging ethanol blending in petrol. The Business Standard reported that the government could also consider import of E85 engines that run on 85 per cent blend of ethanol.

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