February 7, 2018 / 5:33 AM / 18 days ago

BUZZ-Indian sugar stocks surge on import tax hike

** Shares of Indian sugar companies rise in morning trade

** India, the world’s second-biggest sugar producer, raised import duty on the sweetener to 100 pct from 50 pct

** Sugar prices have fallen 17 pct in local market since the start of marketing year on Oct. 1, making it difficult for mills to pay farmers the 11 pct hike in cane prices

** Hike in import tax could halt sporadic imports from neighbouring Pakistan, which has been giving a subsidy for foreign sales

** Ugar Sugar Works Ltd, Dhampur Sugar Mills Ltd , Dalmia Bharat Sugar and Industries Ltd rise as much as 3.3 pct to 6.7 pct

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