Sugar stocks surge on decontrol buzz
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Sugar stocks surge on decontrol buzz

Last Updated: Thursday, April 04, 2013, 22:24
 
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Sugar stocks surge on decontrol buzz
Mumbai: Shares of sugar manufacturers led by Bajaj Hindusthan surged by more than 7 percent on BSE ahead of the Cabinet Committee on Economic Affairs (CCEA) meeting which is likely is to take up a proposal on sugar decontrol.

At the end of Thursday's trading session, Bajaj Hindusthan was quoted at Rs 21.30, up 7.30 percent. It had touched an intraday high of Rs 21.65 and an intra-day low of Rs 19.80.

Shree Renuka Sugars closed at Rs 25, higher by 7.07 percent. It had touched an intra-day high of Rs 25.35 and an intra-day low of Rs 23.35.

Balrampur Chini Mills settled for the day at Rs 47.85, up 4.02 percent. During the day, it had touched an intra-day high of Rs 48.50 and an intra-day low of Rs 45.55.

Market experts said sugar stocks rallied on the bourses today as the CCEA is expected to take up sugar decontrol proposal. Meanwhile, the broader market benchmark Sensex was trading in the negative zone with losses of as much as 292 points.

"The cabinet could take up the agenda of sugar decontrol. This result in against the tide buying in sugar stocks," said Milan Bavishi, Head Research, Inventure Growth and Securities.

The food ministry has also moved a proposal before the CCEA to remove two major controls of the sugar sectors -- levy sugar system and regulated release mechanism.

The sugar sector is highly regulated. Through the release mechanism, the Centre fixes the sugar quota that can be sold in the open market. Under the levy system, it asks mills to contribute 10 percent of output to run ration shops costing the industry Rs 3,000 crore a year.

PTI


First Published: Thursday, April 04, 2013, 22:24


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