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Sugar stocks buck falling market trend, as govt moves to stem price fall

February 9, 2018
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Sugar stocks bucked the broader falling trend in the benchmark Sensex and Nifty on Friday following the government’s decision to impose stock holding limit to check its excess release of sugar into the market to arrest its price fall.While share price of Uttam Sugar jumped by 11.42 per cent to Rs 128.25 apiece, that Shree Mawana Sugars Ltd moved up by 7.68 per cent to Rs 65.20 apiece. Shares of Dhampur Sugars closed with a gain of 5.5 per cent to Rs 204.45 apiece on Friday while the S&P BSE Senses closed with a decline of 1.18 per cent or 407.40 points at 34005.76. Similarly, Nifty 50 ended on Friday with a decline of 1.15 per cent or 121.90 points at 10454.95 following global move.There has been a series of positive moves flowed into sugar sectors over the last few days. Firstly, the government doubled import duty on Tuesday to 100 per cent which arrested the price fall. Interestingly, traders were fearing import of around 1.5 million tonnes into India from Pakistan on which …

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