March 20, 2018 / 7:57 AM / a year ago

BUZZ-Shares of India's sugar firms rise after report govt scraps export tax

** Shares of sugar companies rise 3 pct-5 pct in afternoon trade

** India, the world’s biggest consumer of sugar, scrapped the 20 pct sugar export tax to help boost overseas sales in a year of production surplus, according to a government source

** Balrampur Chini Mills Ltd rises as much as 7.4 pct, while Dalmia Bharat Sugar and Industries Ltd jumps up to 4.8 pct

** Dhampur Sugar Mills Ltd and Triveni Engineering and Industries Ltd were up more than 3 pct

** Bajaj Hindusthan Sugar Ltd and Shree Renuka Sugars Ltd were little unchanged

** Last week, Reuters reported that India would axe the sugar export tax and make it compulsory for mills to export 2 million tonnes-3 million tonnes to cut bulging stocks at home.

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