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Sugar stocks rallied by over 9 per cent in early trade on the BSE today after the Agriculture Minister, Mr Sharad Pawar, sought permission to allow sugar exports immediately in order to help the industry pay cane growers.
In a letter to the Finance Minister, Mr Pranab Mukherjee, Mr Pawar said, “(As against) the estimated sugar production of 24.5 million tonnes (mt), (output) would now be nearly 25 mt, more than the estimated consumption of 22 mt during 2010-11 sugar season.”
“Considering committed exports under the advance licence scheme (ALS) of 1.2 mt, there is still a exportable surplus of 1.3 mt in the country,” he said.
Boosted by the move, shares of Oudh Sugar Mills zoomed by 9.28 per cent to touch an early high of Rs 31.20 on BSE.
Similarly, Simbhaoli Sugars advanced by 5.07 per cent to touch an early high of Rs 44.50, while Shree Renuka Sugars rose by 3.56 per cent to an early peak of Rs 72.55.
Others such as Balrampur Chini Mills, Bajaj Hindusthan, Triveni Engineering and EID Parry surged by 5.05 per cent, 3.63 per cent, 2.32 per cent and 3.32 per cent, respectively.
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