Sugar stocks rally 3-10% over expectations of lower sugar sale quota, import duty cut
Updated : July 01, 2019 12:59 PM IST
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.
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.
Another positive sentiment in the sugar market today is the 5 percent import duty cut on raw sugar from Indonesia.
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