Sugar stocks get sweet

There was finally some very sweet news for the sugar sector. In a bid to clear the state of glut in the sector, the Govt yesterday scrapped the 20% export duty on sugar. This will directly boost exports while domestic prices will go up.

This along with the move of last month – doubling of import duty on sugar to 100% and restricting sale by mills, will help shore up the margins to some extent.

Today, all sugar stocks, across the board were trading in the green - Bajaj Hindusthan Sugar, Dwarikesh Sugar, Triveni Eng & Inds, Dhampur Sugar Mills, Balrampur Chini, Dalmia Bharat Sugar, Avadh Sugar, Uttam Sugar, KCP Sugar, Mawana Inds, Ugar Sugar, Magadh Sugar and Simbhaoli Sugar.