Sugar stocks pared their early morning gains to trade lower after the Union Cabinet food minister Ram Vilas Paswan as per the Reuters report said on Wednesday that various proposals for supporting the sugar industry that includes decision on export subsidy for sugar manufacturers will be taken up at next week's cabinet meet. The proposals were otherwise supposed to be taken up today.
In line, Balrampur Chini Mills scrip after surging over 4% in intra-day trade, slipped from day's high of Rs. 89.45 to Rs. 85.45, with marginal gains of 0.65%. Another sugar industry stock, Shree Renuka Sugars also retreated from the day's high of Rs. 16.75 and was trading down by 1.5% at Rs. 15.80 vs Tuesday's closing price of Rs. 16.04.
Triveni Engineering and Industries also lost in trade by as much as 1.23% and was last trading at Rs. 48.25 vs day's high of Rs. 51.60.
As per the government sources, the Centre is considering a proposal to make it compulsory for sugar millers to export 50 lakh tonnes of sugar and incentive it by paying a premium price of Rs. 138 per tonne to cane growers as against Rs. 55 currently.
Meanwhile, the Sensex and Nifty are trading with gains at 37,363.19 and 11300.45 points, respectively tracking positive global cues.