Though the export limit is still higher than what the industry exports now, investors were very worried and dumped whatever sugar stocks they held.
was down another 9 per cent, Dhampur Sugar fell 5 per cent, 6 per cent, 9 per cent, 8 per cent, and Andhra Sugar 8 per cent, among others.
Oil mills shunned
Along with limiting sugar exports, the government also lifted levies on import of soybean and sunflower oil till the import was limited to 20 lakh tonnes. This also put shares of oil mills in India under pressure.
India, via a notification, allowed duty-free imports of 2 million tonnes each of crude soy oil and crude sunflower oil for the current and the next fiscal year to March 2024 as part of efforts to keep a lid on local prices.
Trade and government officials earlier said India could cut an import tax on crude soy oil and crude sunflower oil as the world’s biggest vegetable oil importer tries to tame food inflation. Traders need to seek their import quota from the government.
Following the notification,
tanked 5 per cent to Rs 665 and declined 5 per cent to Rs 1,046. , which also has cooking oil business, dropped nearly 3 per cent.
Metals continue to lose sheen
Selling continues in metal stocks as the impact of the export duty hike was visible in the sector. Nifty Metal was down nearly 2 per cent during the day, extending the losses for the third day.
led the fall, dropping over 8 per cent. JSL , , , , and were other major losers, down 3-7 per cent.
Analysts have advised investors to stay away from bottom fishing in the sector as the risk-reward is not favourable.