New Delhi: The shares of sugar corporations tumbled by as much as 3 per cent in morning commerce on Thursday after the federal government introduced a hike within the minimal worth that mills need to pay to sugarcane growers for the 2024-25 season beginning in October.
The scrip of Rana Sugars plunged by 3.21 per cent to Rs 25.35 apiece, Mawana Sugars slumped by 2.81 per cent to Rs 101.70, Rajshree Sugars & Chemicals tumbled by 2.50 per cent to Rs 72.62, Shree Renuka Sugars declined by 2.41 per cent to Rs 48.50, KCP Sugar & Industries declined by 2.20 per cent to Rs 40.87, and EID Parry (India) slipped by 1.57 per cent to Rs 629.20 apiece on the BSE.
Also, Dalmia Bharat Sugar and Industries went decrease by 1.15 per cent to Rs 403.15 per piece, Balrampur Chinni Mills fell by 1.12 per cent to Rs 376.50, Dhampur Sugar Mills was down by 0.96 per cent to Rs 248, and Triveni Engineering and Industries slipped by 0.76 per cent to Rs 347.80 apiece on the bourse. (Also Read: Sensex, Nifty Witness Volatile Trends In Early Trade)
In the morning session, the 30-share BSE Sensex benchmark declined by 410.20 factors or 0.56 per cent to 72,212.89 factors. On Wednesday, the central authorities introduced a hike within the Fair and Remunerative Price (FRP), the minimal charge that mills must pay to sugarcane growers. The FRP has been elevated by Rs 25 to Rs 340 per quintal for the 2024-25 season beginning in October.
The resolution to extend the FRP was taken on the assembly of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi. This is the very best FRP for sugarcane introduced by the Prime Minister Narendra Modi-led authorities since coming to energy in 2014. This is the second time that the Modi authorities has elevated the FRP by Rs 25 per quintal in a single go. (Also Read: GPT Healthcare IPO Opens For Subscription From Today: Key Points To Know)
“This decision of the central government is going to benefit more than 5 crore sugarcane farmers (including family members) and lakhs of other persons involved in the sugar sector,” an official assertion stated on Wednesday.
Source: zeenews.india.com
