Sugar stocks turn sweet

Sugar stocks are looking pretty sweet today morning. Balrampur Chini, Triveni Eng, Uttam Sugar Mills, EID Parry, Dwarikesh Sugar, Dhampur Sugar, Shree Renuka are all in the green.

Sugar stocks rose, reacting to the Cabinet yesterday approving Rs.3500-crore export subsidy. This is for export of around 6 million tonnes in the ongoing 2020.21 season which typically begins in October.

The Govt also cleared pending export subsidy of around Rs 5,360 crore, which will be passed on directly into the bank accounts of farmers through an escrow account in a week's time.

According our Editor, Mr.SP Tulsian, this subsidy is lower than last year and with the freight rates also sky rocketing, this is not too good.