Sugar stocks fall

New Delhi: Shares of Sugar companies tumbled up to 3 per cent in the morning trade on Thursday after the government announced a hike in the minimum price that mills have to pay to sugarcane growers for the 2024-25 season starting October. The scrip of Rana Sugars plunged 3.21 per cent to Rs25.35 apiece, Mawana Sugars slumped 2.81 per cent to Rs101.70, Rajshree Sugars & Chemicals tumbled 2.50 per cent to Rs72.62, Shree Renuka Sugars declined 2.41 per cent to Rs48.50, KCP Sugar & Industries declined 2.20 per cent to Rs40.87, and EID Parry (India) slipped 1.57 per cent to Rs629.20 apiece on the BSE.

Also, Dalmia Bharat Sugar and Industries went lower by 1.15 per cent to Rs403.15 per piece, Balrampur Chinni Mills fell 1.12 per cent to Rs376.50, Dhampur Sugar Mills down by 0.96 per cent to Rs248 and Triveni Engineering and Industries slipped 0.76 per cent to Rs347.80 apiece on the bourse. In the morning session, the 30-share BSE Sensex benchmark declined 410.20 points or 0.56 per cent to 72,212.89 points. On Wednesday, the central government announced a hike in the Fair and Remunerative Price (FRP), the minimum rate that mills need to pay to sugarcane growers.