Indian sugar stocks jump as tax cuts on ethanol blending extend to pvt refiners

E I D-Parry (India)

19/12/2022 06:23

** Shares of Indian sugar producers rise between 3-7.5%
after the federal government extends the cut in goods and
services tax (GST) on ethanol blending to private refiners
    ** The cut in GST rates to 5% from 18% was earlier
applicable only to state-owned oil marketing companies (OMCs) 
    ** Shree Renuka Sugars Ltd  SRES.NS  trade at a two-month
high of 63.75 rupees as of 11:19 a.m. IST, with over 57.7 mln
shares changing hands, their highest in over two months
    ** Shares of Balrampur Chini Mills Ltd  BACH.NS  and EID-
Parry (India) Ltd  EIDP.NS  trade at 3x 21-day avg volume 
    ** BACH shares touch over 4-month high, while Triveni
Engineering and Industries Ltd  TREI.NS  jumps as much as 5.9%
 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))