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Shares of sugar companies jumped in early trade after Reuters had reported on Monday that the government is likely to provide financial support to cane farmers for produce sold to sugar mills, citing sources.
According to the report, the government plans to pay Rs 55 a tonne to cane farmers, while mills would pay the rest of the state-set price. The industry is reeling under a glut and struggling to export because of low global prices.
Balrampur Chini Mills Ltd surged as much as 8.6 per cent, while Dalmia Bharat Sugar and Industries Ltd gained 7.1 per cent. Both Triveni Engineering and Industries Ltd and Dalmia Bharat Sugar and Industries Ltd jumped more than 7 per cent.
Dhampur Sugar Mills Ltd gained over 6 per cent, while Bajaj Hindusthan Sugar Ltd climbed 9 per cent.
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