Sugar stocks up 5% as India plans exports to China

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Most of the sugar stocks were trading in the green in the morning trade on Friday around 09:45 am. The stocks surged on news that after a decade, India will next year resume exporting raw sugar to China as it eyes overseas markets to shed surplus stocks that have muted prices and created financial distress in mills.

Shares of Ugar Sugar Works (up 4.99 per cent), DCM Shriram Industries (up 4.78 per cent), EID Parry (up 4.44 per cent), Dhampur Sugar Mills (up 4.42 per cent), MAGADHSUGAR (up 4.26 per cent), Dalmia Bharat Sugar & Industries (up 4.03 per cent), Balrampur Chini Mills (up 3.99 per cent), Uttam Sugar Mills (up 3.89 per cent), BAJAJHIND (up 3.85 per cent) and Indian Sucrose (up 3.59 per cent) were among the top gainers.

Piccadily Sugar & Allied Inds (down 3.92 per cent), Sakthi Sugars (down 2.10 per cent) and Bannari Amman Sugars (down 1.02 per cent) were trading in the red.

The NSE Nifty50 index was trading 20.50 points down at 10,577.9 at around 09:45 am while the 30share BSE Sensex was down 104.30 points at 35,133.38 at around the same time.

Bharti Airtel (down 2.91 per cent), Hindalco Industries (down 1.86 per cent), Wipro (down 1.78 per cent), JSW Steel (down 1.49 per cent), Cipla (down 1.36 per cent), Tata Steel (down 1.19 per cent), Infosys (down 1.18 per cent), ITC (down 1.05 per cent), Oil And Natural Gas Corporation (down 0.96 per cent) and State Bank of India (down 0.94 per cent) were among the top losers in the Nifty pack.

Source: Economic Times