Indian sugar makers gain on no-tax levy on ethanol-gasoline mix

E I D-Parry (India)

05/07/2022 07:57

** Shares of Indian sugar makers rise between 1.5% and 4.2%
after the Indian govt decided not to levy excise duty on 12% and
15% ethanol mixed with gasoline
    ** India will also not levy excise duty on 20% bio-diesel
mixed with gasoil, according to a government notification
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    ** India is the world's biggest sugar producer after Brazil
    ** Shares of Balrampur Chini  BACH.NS , Dalmia Bharat Sugar
and Industries  DLMI.NS , Triveni Industries  TREI.NS , Bannari
Amman Sugars  BANN.NS , Dhampur Sugar Mills  DAMS.NS  and
Dwarikesh Sugar Industries  DWAR.NS  rise between 1.7% and 4.2%
    ** Shree Renuka Sugars  SRES.NS , Bajaj Hindustan Sugar
 BJHN.NS  and E I D-Parry (India) Ltd  EIDP.NS  rise between
1.7% and 3.1%
    ** Indian state fuel retailers had agreed to provide
monetary relief to sugar mills and other producers of ethanol to
compensate for high energy costs to boost biofuel production
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    ** India, the world's third-biggest oil importer and
consumer, has expedited efforts to double ethanol blending with
gasoline to 20% from the current 10% across the country from
2025/26
    ** India is also encouraging industries to switch to cleaner
options including renewable and biofuels to cut carbon footprint
    

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))