Sugar stocks gain on hike in import duty: 11 Jul 2017

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Shares of sugar companies were trading higher by up to 7% on BSE after the government increased import duty on sugar to 50%, up from 40%, to restrict cheap inward shipments and maintain domestic prices.

Ugar Sugar Works, Sakthi Sugars, Thiru Arooran Sugars, KCP Sugar & Industries, Rajshree Sugars, Simbhaoli Sugar and Shree Renuka Sugars were up between 4% and 7% on the BSE. Dhampur Sugars, Mawana Sugars, Bannari Amman Sugars and Bajaj Hindustan were up 2% to 3%.

In past one-week, most the sugar stocks have outperformed the market by gaining in the range of 5% to 22%, as compared to 1.8% rise in the S&P BSE Sensex.

A notification issued by the revenue department said that import duty on sugar (raw sugar, refined or white sugar, raw sugar if imported by bulk consumers) has been increased from the present 40% to 50% “with immediate effect and without an end date”.

COMPANY LATEST 1-WK GAIN(%)
BEFORE
SH.RENUKA SUGAR 15.55 12.75 22.0
RIGA SUGAR 19.20 16.10 19.3
INDIAN SUCROSE 38.45 32.90 16.9
GAYATRI SUGARS 9.25 8.00 15.6
KCP SUGAR &INDS. 33.85 29.75 13.8
RANA SUGARS 9.55 8.43 13.3
UGAR SUGAR WORKS 28.85 25.50 13.1
EMPEE SUGARS 5.72 5.10 12.2
SAKTHI SUGARS 31.70 28.30 12.0
UTTAM SUG.MILLS 141.85 126.70 12.0
RAJSHREE SUGARS 57.30 51.25 11.8
SIMBHAOLI SUGAR 32.35 29.40 10.0
DHAMPUR SUGAR 204.00 186.40 9.4
BAJAJ HINDUSTHAN 16.17 14.86 8.8
THIRU AROOR. SU. 61.00 56.45 8.1
DALMIA BHARAT 153.20 142.90 7.2
MAWANA SUGARS 83.10 77.55 7.2
TRIVEN.ENGG.IND. 79.60 74.80 6.4
DHARANI SUGARS 28.45 27.00 5.4
SIR SHADI LAL 109.95 104.60 5.1

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