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Sugar stocks crash up to 14% on plan to restrict exports

Sugar stocks crash up to 14% on plan to restrict exports

Stocks of Avadh Sugar and Energy (11.07 percent), Dhampur Sugar (5 percent), Balrampur Chini Mills (9.89 percent), EID Parry (3.42 percent) , Ugar Sugar (4.99%) and Magadh Sugar and Energy (10.72 percent ) fell on BSE today.

Shree Renuka Sugars stock fell 13.84 percent to Rs 41.4 against previous close of Rs 48.05 Shree Renuka Sugars stock fell 13.84 percent to Rs 41.4 against previous close of Rs 48.05

Sugar stocks fell up to 14 percent in afternoon session today on a report that the government plans to restrict sugar exports for the first time in six years to prevent a surge in domestic prices.

 Stock of Shree Renuka Sugars was the top loser in afternoon session today. The mid cap stock fell 13.84 percent to Rs 41.4 against the previous close of Rs 48.05 on BSE.

Stocks of other sugar manufacturers were also trading in the red.

Shares of Avadh Sugar and Energy lost 11.07 percent to Rs 590.3 on BSE. However, the stock is trading higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages.

Stock of another sugar firm Dhampur Sugar hit lower circuit of 5 percent at Rs 257.20 on BSE. The stock opened with a loss of 4.65 percent at Rs 258.10 today. It is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Shares of Balrampur Chini Mills slipped 9.89 percent to Rs 371.75 on BSE. The stock is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Stock of Magadh Sugar and Energy slipped up to 10.72 percent to Rs 310.75 on BSE. The stock is trading higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages.

EID Parry shares also fell up to 3.67 percent to Rs 473.75  on BSE. EID Parry stock trades higher than 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages.

Shares of Ugar Sugar was stuck in the lower circuit of 4.99 percent at Rs 55.20 on BSE.

The move will potentially limit this season's exports at 10 million tonnes, according to a Reuters report. India is the world's biggest sugar producer and the second biggest exporter behind Brazil.

Published on: May 24, 2022, 2:34 PM IST
Posted by: Aseem Thapliyal, May 24, 2022, 2:30 PM IST