Stocks

Balrampur Chini surges 6% on strong export performance

Internet Desk | Updated on October 20, 2020 Published on October 20, 2020

The shares of Balrampur Chini is among the best performers of the Nifty Smallcap index today. It had gained as much as 6.44 per cent to trade at ₹163.6 in the afternoon trade.

It had gained for the third straight session today and gained 8.36 per cent in the last three trading session.

Balrampur Chini's market cap is ₹3,248 crore constituting 24.07 per cent of the sugar sector.

New record in exports

Earlier, BusinessLine had reported that after setting a new record in exports, sugar companies are now looking up to the government for the release of ₹5,600 crore, the promised export subsidy as of August-end.

The dues are in addition to the ₹2,500 crore in receivables from the government towards buffer stock and interest subvention schemes.

Large sugar companies such as Balrampur Chini Mills and Dalmia Bharat Sugar and Industries made the most of the surge in overseas demand on the back of lower production in Thailand, Indonesia and Malaysia. In fact, Indonesia extended its preferential lower import duty to India and Australia to make up for its more inadequate supply from Thailand.

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Published on October 20, 2020
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