Sugar stocks fall after Govt imposes export duty
Stocks of sugar companies fell over 3% in the Bombay Stock Exchange (BSE) in the morning trade on Friday.
The government imposed 20% customs duty on sugar exports to boost domestic supply and check prices which are ruling high at Rs 40/kg.
"To keep the domestic prices of sugar under check, the government has decided to impose export duty of 20% on the export of raw sugar, white or refined sugar," the Finance Ministry said in a release, PTI reported.
The duty has been imposed to restrict exports following sharp rise in global prices. The duty is, however, lower than 25% proposed by the Food Ministry.
Sugar stocks were trading in green since the opening trade of this week.
However, collectively the stocks of sugar companies declined 3.03% with only three advances and 25 declines in the morning trade on the BSE.
See LIVE sugar stock prices here-
Among leading sugar stocks losers were- Simbhaoli Sugars which fell 8.91%, followed by Ugar Sugar Works with 8.72% decline and Oudh Sugar Mills with 7.52% fall.
The stock of Uttar Sugar Mills fell down 7.23% while KCP Sugar and Industries Corporation declined 7.18% in the morning trade on the exchange.
The stock of Upper Ganges and Industries was down 7.09% in the morning trade on the BSE.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
From Axis to IDFC First - These bank stocks can give bumper returns in 3-4 weeks – Check target price and stop loss
Rules Changing from June 1: Aadhaar card update, driving license, LPG price and others - Check Full List
Central Railways' 63-hour mega block to hit Mumbai local train services, check dates and other details
SBI Senior Citizen FD Interest Rates 2024: What Rs 2 lakh, Rs 4 lakh, and 6 lakh, and Rs 8 lakh investments will give you in 1-, 3-, and 5-year FDs
Gold and Silver rate today (May 30, 2024): Precious metal futures trade in red; yellow metal near Rs 72,000, white metal falls by nearly Rs 1,500
Top 5 Defence PSU Stocks: Investors buying 1 unit of top PSU defence stock a month made Rs 40,299.40 on Rs 23,003.25 investment in 1 year
12:05 PM IST