Dwarikesh Sugar Industries, Dalmia Bharat Sugar and Industries, Triveni Engineering & Industries, Balrampur Chini Mills, Avadh Sugar & Energy and Uttam Sugar share costs had been down as much as 10 per cent on BSE in intraday commerce, after the federal government on Tuesday imposed restrictions on sugar exports from 1 June 2022. “Further, most sugar stocks have already corrected by over 30%-40% over the past couple of months, hence long-term Investors are advised to hold their positions, as this appears to be a short-term government measure to reign in prices,” Aamar Deo Singh, Head Advisory, Angel One, advised FinancialExpress.com.
Dwarikesh Sugar Industries share value tanked 10 per cent to Rs 99, Dalmia Bharat Sugar and Industries misplaced 8 per cent to Rs 372.45 spiece, Avadh Sugar & Energy declined 8 per cent to Rs 575.45 apiece. Dhampur Sugar Mills share value hit 5 per cent decrease circuit to Rs 244.35, whereas it touched a contemporary 52-week low on NSE at Rs 239.65 apiece. Balrampur Chini Mills plunged 9.3 per cent to Rs 352.60 apiece. In comparability, S&P BSE Sensex was down 0.43 per cent.
According to the Ministry of Commerce and Industry, sugar exports have been positioned underneath ‘restricted’ class with impact from 1 June 2022, limiting sugar exports to 10 million tonnes until the tip of the season on 31 October 2022. “A consistently higher inflationary environment has created a sense of panic amongst traders and with reports of export restrictions on sugar has led to a sharp fall in sugar stocks,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, advised FinancialExpress.com. He added that technically, majority sugar shares look a little bit oversold. “Avadh sugar can be bought on a further dip near 555-560. Till Balrampur Chini doesn’t close above 365, the trend could be bearish in the coming days as well,” he mentioned.
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The authorities mentioned sugar mills and merchants who’ve particular permissions from the federal government will solely be capable to export sugar (together with uncooked, refined and white sugar) until 31 October 2022 or till additional orders. Additionally, the restriction is just not relevant for exports to the European Union (EU) and the United States underneath CXL and TRQ (Tariff-Rate Quota) quota.
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Source: www.financialexpress.com”