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Sugar stocks down; EID Parry stocks marginally up

  • Major sugar stocks, specifically those above Rs 1000 crore market-cap, have lost their sweetness in intraday trade on January 18, 2017. However, EID Parry is trading up with 0.6% gains at 281 levels. Bannariamman Sugars has dropped 3% at 2037 levels; while Balrampur Chini has fallen 1% and more, standing at 140 levels.

     

    Other stocks that have tumbled more than 1% are Triveni Engineering and IndustriesShree Renuka and Dhampur SugarBajaj Hind and Dalmia Sugar remained marginally down. Most of the stocks have entered their profit booking zones after rallying up to their 52 week highs, post the government mulling that it may drop the plan of reduction of import duty on sugar.

     

    Furthermore, EID Parry has also been struggling to maintain optimism with tremendous intraday volatility. On a daily basis the stock has been trading in consolidation from the last four trading sessions. The stock may see a positive rally again above 283-284 levels.


     


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