Sugar stocks sweeten on export limit scrap

Shree Renuka Sugars Ltd. | Sugar | Agriculture & Allied activities | BSE: 532670 | NSE: RENUKA

03 May 2012 Evaluate

Shares of sugar producers surged on Thursday after the government removed any limits on export volumes, raising expectations for improved profits in the sector. The decision follows a series of policy flip-flops and delays to implementing overseas sales, which kept global markets on edge.

Shree Renuka Sugars is currently trading at Rs 32.45, up by 1.60 points or 5.19% from its previous closing of Rs 30.85 on the BSE. The scrip opened at Rs 32.10 and has touched a high and low of Rs 32.80 and Rs. 31.75 respectively. So far 1134296 shares were traded on the counter.

Bajaj Hindusthan is currently trading at Rs 31.05, up by 1.05 points or 3.50% from its previous closing of Rs 30.00 on the BSE. The scrip opened at Rs 31.00 and has touched a high and low of Rs 31.60 and Rs 31.00 respectively. So far 504566 shares were traded on the counter.

Balrampur Chini Mills is currently trading at Rs 55.10, up by 1.55 points or 2.89% from its previous closing of Rs 53.55 on the BSE. The scrip opened at Rs 55.00 and has touched a high and low of Rs 56.70 and Rs 54.55 respectively. So far 167104 shares were traded on the counter.

Government took a similar line on wheat and rice exports late last year, removing restrictions on sales but tacitly eyeing a limit in case global demand threatened domestic supplies.