Govt clears Rs6268-cr sugar export subsidy; Sugar Stock Up

The India govt on Wednesday, 28-Agust-2019, announced a Rs.6268-Cr subsidy for export of 60-Lakh tonnes of sugar at a cost of Rs6268-Cr, during the 2019-20 marketing year beginning October in order to not ease the glut in the sector and also assist to meet the dues of farmers.

A lump sum export subsidy of Rs.10,448/tonne will be reportedly availed to sugar mills in the 2019-20 marketing-year, costing the exchequer Rs.6268-Cr as subsidy, as stated by the Information& Broadcasting Minister Prakash Javadekar.

Reacting to the news, Sugar company stocks rose higher in Thursday’s trading session with Shree Renuka Sugars (up 4.44%), Bajaj Hindusthan Sugar (3.67%) Mawana Sugars Sugars (up 2.37%), K.M.Sugar Mills (up 2.26%), Balrampur Chini Mills ( up 1.59%%), among sugar company stocks.

During mid-morning at 11.30 am, The BSE Sensex slipped 273-pts at 37,178, while the NSE Nifty declined 82-pts at 10,963-mark.

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