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Sugar stocks jumped 5-10 per cent after Reuters reported that the government is likely to consider a proposal to get sugar mills to export 5 million tonnes of sugar by incentivising overseas sales in the 2018/19 season.
According to sources, the government is likely to raise the minimum selling price of sugar to Rs 32,000 per tonne for the 2018/19 season from Rs 29,000 in the current season. The government is also planning to raise the price it pays directly to cane growers to Rs 138 a tonne in the 2018/19 season starting from October 1, from Rs 55 this season.
Sugar stocks had rallied last week after the Union Cabinet approved a hike in ethanol purchase price by up to 25 per cent.
Balrampur Chini Mills Ltd climbed as much as 5.3 per cent to Rs 89.40, Dalmia Bharat Sugar and Industries Ltd rose 9.5 per cent to Rs 95.5, and Dhampur Sugar Mills Ltd gained 7 per cent to Rs 146.70. Uttam Sugar Mills Ltd rose as much as 7.1 per cent to Rs 128.70, while Rajshree Sugars & Chemicals Ltd added 9.7 per cent to Rs 33.45.
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