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Sugar stocks rally 3-10% over expectations of lower sugar sale quota, import duty cut

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Sugar stocks rallied on Monday over expectation of reduction in  sugar sale quota for mills to 2.05 million tonnes in July, lower than 2.15 million tonnes set for June.

Sugar stocks rally 3-10% over expectations of lower sugar sale quota, import duty cut
Sugar stocks rallied on Monday over expectation of reduction in  sugar sale quota for mills to 2.05 million tonnes in July, lower than 2.15 million tonnes set for June.
In intraday trading, share price of Balrampur Chini Mills rose 4 percent, EID Parry increased by over 3 percent while Dhampur Sugar’s stock price surged over 4 percent. Rajshree Sugars rose the highest at 10 percent.
According to Indian Sugar Mills Association (ISMA), the sugar output is estimated to hit 33 million tonnes in 2018-19 (October-September) from its estimate of 30.7 million tonnes in January.
In a bid to make profits in the sugar industry, four trade houses -- Sucden, ALvean, ED&F Man and Louis Dreyfus -- scooped up delivery of  July raw sugar against ICE Futures US contract that expired on Friday in the largest delivery on record.
Another positive sentiment in the sugar market today is the 5 percent import duty cut on raw sugar from Indonesia.
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Market Movers

CompanyPriceChange%Gain
TATA Cons. Prod735.90 16.40 2.28
NTPC119.80 2.00 1.70
Nestle17,965.20 280.40 1.59
ONGC126.70 1.35 1.08
HUL2,407.90 15.95 0.67
CompanyPriceChange%Gain
Nestle17,972.45 292.95 1.66
NTPC119.80 1.90 1.61
ONGC126.65 1.30 1.04
HUL2,409.15 18.00 0.75
Infosys1,480.30 7.45 0.51
CompanyPriceChange%Gain
TATA Cons. Prod735.90 16.40
NTPC119.80 2.00
Nestle17,965.20 280.40
ONGC126.70 1.35
HUL2,407.90 15.95
CompanyPriceChange%Gain
Nestle17,972.45 292.95
NTPC119.80 1.90
ONGC126.65 1.30
HUL2,409.15 18.00
Infosys1,480.30 7.45

Currency

CompanyPriceChng%Chng
Dollar-Rupee73.32250.01000.01
Euro-Rupee88.8280-0.1020-0.11
Pound-Rupee103.39600.09700.09
Rupee-100 Yen0.66690.00080.11