Strong sugar cos to benefit from export subsidy
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Balrampur Chini closed down 3% at Rs 176.5, Dhampur Sugar was down almost a percent at Rs 177.70 while Triveni ended three fifths of a percent lower at Rs 78.45. Renuka Sugars was up 2.6% at Rs 13.75 and Eid Parry closed up 1.4% at Rs 342. Bannari Amman Sugars closed flat at Rs 1450.
Cabinet approves Rs 3,500 crore subsidy for sugar farmers
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MUMBAI: Sugar stocks ended on a mixed note in response to the government announcing an export subsidy Rs 5833 per tonne, which was more or less priced in by the market. Analysts said, however, that companies with strong balance sheets and better cane to sugar conversion ratio would outperform peers, as the move would put a lid on rising inventory levels.
Food major Mondelez is extending its Bournvita brand into the cookie space, marking its second extension of the brand in five months. In August, the company had entered breakfast cereals via Bournvita, launching it in two markets, including Maharashtra and Andhra Pradesh. The back-to-back launches point to a larger game plan that the company has for Bournvita, which includes tapping the morning snacking occasion. Bournvita is a legacy brand, which has stood for nourishment for over 70 years. We wanted to build on this equity of nutrition and health by looking at all morning snacking occasions. Parts of it have been unveiled now with the two launches we ve had in the last few months. This journey will continue into the future, Sudhanshu Nagpal, associate director, marketing, biscuits, Mondelez India, said.