Import duty on sugar hiked; sugar stocks rally

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The government today raised the import duty on sugar to 25 per cent from 15 per cent. The hike in import duty would make sugar imports dearer and has always been a demand of the sugar industry.

Sugar stocks rallied in trade with sugar companies like Dhampur Sugar, Triveni Engineering, Simbhaoli Sugar mills, Shree Renuka Sugars and Balrampur Chini were among the gainers in trade.

Sugar stocks have been languishing for several years now, as the industry has been plagued with poor financial performance due to various reasons.

The hike in import duty maybe a temporary relief for the industry which needs more sops to recover.

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