Sugar futures corrected on Thursday on extended profit taking at higher levels and settled 0.67% lower. Prices traded on a bullish note over the last couple of sessions as the government announced a host of incentives to protect the domestic industry and forecast of below normal rains.
The government has increased import duty on raw sugar to 40% from 15%. Subsidies of Rs. 3300/tn on raw sugar export has been extended till September. Ethanol blending with petrol in increased to 10% from 5%. Also, the repayment of interest free loan on excise duty has been increased to 5 years instead of 3 years.
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