Shares of Balrampur Chini Mills rice by 4 % - Rs 122.40 per share. Avadh Sugar shares jumped 4.5 % - Rs 383.90 per share
Arrears of sugarcane farmers stood at around Rs 20,000 crore as of the end of Jan, according to industry body ISMA
Shares of sugar companies advanced today after the government provides hiked on selling price (MSP) of sugar by Rs 2 per kg to Rs 31. The action will boost the liquidity of cash-strapped millers and help clear mounting cane arrears near Rs 20,000 crore.
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Shares of Balrampur Chini Mills rise by 4 % to Rs 122.40 per share. Avadh Sugar shares jumped 4.5 % to Rs 383.90 per share. Mawana Sugar shares surged over 8 % to Rs 44.25 per share. Dhampur Sugar Mills shares gained nearly 3 % to Rs 197.60 per share.
MSP is the rate below which the mills can't sell sugar in the open market to wholesalers and bulk consumers like beverage and biscuit makers.
Food Minister Ram Vilas Paswan said MSP has been increased in view of the rising sugarcane arrears to farmers. Arrears of sugarcane farmers stood at around Rs 20,000 crore by the end of January, according to industry body ISMA.
Ram Vilas Paswan also said a mechanism will be put in place to ensure the benefit given to the industry is passed on to the sugarcane farmers.
The decision comes following demands from the industry and representation made by NCP chief and former agriculture minister Sharad Pawar to Prime Minister Narendra Modi.
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