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Sugar Stocks Fall As Government Imposes Duty To Curb High Prices

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Shares in sugar companies fell sharply after a spectacular rally in the last few weeks, thanks to a sharp increase in sugar prices.

 

Oudh Sugars was down a huge 7 per cent, Balrampur Chini (down 3 per cent), Dhampur Sugars (down 5 per cent), Bajaj Hindustan (down 3 per cent) after the government imposed 20 percent customs duty on sugar exports to boost domestic supply and check prices which are ruling high at Rs 40/kg.

Sugar Stocks Fall As Government Imposes Duty To Curb High Prices
On Thursday Dharani Sugars, Oudh Sugars, Ugar Sugars, KCP Sugars, Mawana Sugars, Rana Sugars and Sakhthi Sugars all hit their 52-week highs.

Over the last few weeks sugar stocks have been on a roll, due to increase in sugar prices.

Also, globally prices of the commodity has rallied, which had led to a sharp increase in share prices of these companies.

For many years now sugar companies were making losses, with a dismal state of the industry.

GoodReturns.in

Read more about: sugar shares
Story first published: Friday, June 17, 2016, 10:01 [IST]
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