Sugar stocks down in red

Triveni Engineering is among the top five losers since opening bell and all other sugar stocks too – Shree Renuka once again skimmed the 5% LC; Bajaj Hindusthan is down over 4%; Dwarikesh is down over 3.5%; EID Parry, Avadh Sugar, Ponni Sugar, Dalmia Sugar, Dhampur Sugar; all are down in the red.

The Govt, on Friday, rejected the sugar industry’s demand for any upward revision of the current statutory minimum selling price of Rs.31/kg for the commodity as domestic (ex-mill) prices are higher. It also told the industry to move ahead from a controlled system.

Those in the sugar industry wanted the MSP of sugar be raised to Rs.36-37 per kg to cover the industry’s cost of production. Sugar prices (ex-mill) in Muzaffarnagar, Uttar Pradesh, fell by Rs.15-20/quintal to Rs.3,460 on Friday.