Equity Alert: Sugar cos up on reports govt may decontrol sector
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K.Karthik Raja
Jul 4, 2008, 5:44:32 AM7/4/08
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Equity Alert: Sugar cos up on reports govt may decontrol sector
MUMBAI--3:04PM--Shares of sugar companies were up 4-8% on reports
the sector may be decontrolled with effect from the coming sugar
season starting Oct 1, analysts said.
Analysts said if the proposal goes through, it will allow sugar
mills to
sell their entire output in the open market and will help in better
realisations for the Sugar companies.
At present, the mills are required to give 10% of their output to
the
government at subsidised prices.
Balrampur Chini Mills surged 7% to 81 rupees, while Bajaj
Hindusthan and Sakthi Sugars were up 5% each at 175 rupees and 69
rupees, respectively. Shree Renuka Sugars rose 4% to 114 rupees.
A technical analyst pegs resistance for Bajaj Hindustan at 179
rupees for
the day.
MUMBAI--3:04PM--Shares of sugar companies were up 4-8% on reports
the sector may be decontrolled with effect from the coming sugar
season starting Oct 1, analysts said.
Analysts said if the proposal goes through, it will allow sugar
mills to
sell their entire output in the open market and will help in better
realisations for the Sugar companies.
At present, the mills are required to give 10% of their output to
the
government at subsidised prices.
Balrampur Chini Mills surged 7% to 81 rupees, while Bajaj
Hindusthan and Sakthi Sugars were up 5% each at 175 rupees and 69
rupees, respectively. Shree Renuka Sugars rose 4% to 114 rupees.
A technical analyst pegs resistance for Bajaj Hindustan at 179
rupees for
the day.
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