Sugar Stocks Continue To Witness Buying on Monday After Government Plans To Fund For Ethanol Plant

Sugar stocks kept on seeing purchasing on October 15, 2018, after a media report demonstrated that the government is intending to give financing to set up an ethanol plant.

The Sensex and the Nifty were exchanging with little losses in mid-evening exchange. At 14:22 IST, the barometer record of the S&P BSE Sensex was down 27.57 or 0.08 percent at 34,706.01. The Nifty 50 file was down 2.40 or 0.02 percent at 10,470.10. Sentiment kept on being delicate as rising oil costs and a debilitating rupee added to hardships amid the profit season in the midst of negative global cues.

Among secondary barometers, the BSE Mid-Cap record was up 0.05 percent. The BSE Small-Cap list was up 0.75 percent. Both these files beat the Sensex.

Sugar stocks were sought after media reports demonstrated that the government wants to give financing to set up an ethanol plant. To support ethanol generation, the government is intending to give budgetary help to sugar organizations. Dwarikesh Sugar Industries (up 13.4 percent), DCM Shriram Industries (up 8.59 percent), Balrampur Chini Mills (up 7.67 percent), KCP Sugar and Industries Corporation (up 6.73 percent), Dhampur Sugar Mills (up 4.99 percent), Sakthi Sugars (up 4.96 percent), Simbhaoli Sugars (up 4.96 percent), Shree Renuka Sugar (up 4.93 percent), Rana Sugars (up 4.87 percent), EID Parry (India) (up 4.54 percent), Triveni Engineering and Industries (up 1.91 percent) and Bajaj Hindusthan Sugar (up 0.21 percent).

Sources said that the government is being asked to affirm intriguing credit Rs 1,500 crore to factories. The government has affirmed an advance of Rs 4,400 crore to factories. As the raw petroleum costs are on the ascent in the universal market and the nation imports in excess of 85 percent of oil necessity. The government has been gradually boosting ethanol generation to lessen oil import burden.

India’s industrial production (base year 2011-12=100) expanded at a moderate pace of 4.3 percent in August 2018, contrasted and 6.5 percent development recorded in July 2018, Business Standardreported.

Sources said 250 crore liters of ethanol might be provided in next sugar stocks year. The sugar organizations pursue October-September as their monetary year. In the present sugar year, 163 liters of ethanol are being provided. Sugar factories are relied upon to double the ethanol supply by 2020, Moneycontrolreported.

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