Shares in sugar firms opened down more than 1 percent on Wednesday after media reported that the Uttar Pradesh government revoked a ban on imports of raw sugar, making available an additional 1 million tonnes of the sweetener in the open market.
The move will pressure sugar prices in the local market, hurting companies' realisations, traders said.
Economic Times and Financial Express newspapers reported on Wednesday that the northern state lifted the ban late on Tuesday to tame rising prices.
Bajaj Hindusthan, India's top producer held more than 500,000 tonnes in ports, according to trade sources.
At 9.03 a.m., Dhampur Sugar fell nearly 4 percent to 99.6 rupees, Dwarikesh Sugar was down 3 percent to 95.95 rupees, Balrampur Chini 1.16 percent to 101.7 rupees while Bajaj Hindusthan was down 0.3 percent at 151.3 rupees.
Wednesday, February 24, 2010
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment