Stocks

Sugar stocks surge on hike in import tax

Reuters | Updated on February 07, 2018 Published on February 07, 2018

Ugar Sugar Works Ltd, Dhampur Sugar Mills Ltd, Dalmia Bharat Sugar and Industries Ltd rose as much as 3.3 per cent to 6.7 per cent.

Sugar stocks surged on hike in import tax. India, the world's second-biggest sugar producer, has raised the import duty on the sweetener to 100 per cent from 50 per cent.

Sugar prices have fallen 17 per cent in the domestic market since the start of marketing year on October 1, making it difficult for mills to pay farmers the 11 per cent hike in cane prices.

Hike in import tax could halt sporadic imports from neighbouring Pakistan, which has been giving a subsidy for foreign sales.

Ugar Sugar Works Ltd, Dhampur Sugar Mills Ltd, Dalmia Bharat Sugar and Industries Ltd rose as much as 3.3 per cent to 6.7 per cent.

Published on February 07, 2018
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