A sharp drop in daily Covid-19 cases perked up bulls on Dalal Street on Monday as investors hoped for a sooner-than-expected taper down of the second wave. However, even though the new case count, at over 366,000 and 3,754 deaths, were off a little from recent peak, it came on the back of 1.47 million tests for Covid-19 which were this month s lowest yet. Nonetheless, domestic equity indices started gap-up and remained parked near the day s high level for the better part of the day. Among the frontline indices, the BSE barometer of 30-shares hit an intra-day high of 49,617 before ending the session at 49,502 levels, up 296 points or 0.6 per cent. About seven of the 30 constituents ended the day in the red including UltraTech Cement, Infosys, HCL Tech, Reliance Industries, Asian Paints, Bajaj Finserv, and Axis Bank. The stocks declined up to 1.3 per cent.
Plantatorzy chcą wyższych cen za buraki cukrowe
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Plantatorzy chcą wyższych stawek za buraki cukrowe
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Shree Renuka Sugars ended locked in the 10 per cent upper circuit.
“These stocks are gaining because sugar prices have gone up in the international market and because of government’s ethanol policies. Ethanol mixing in petrol was about 5-6 per cent and government has given a mandate to increase it to 20 per cent by 2025,” said independent advisor Ambareesh Baliga.
“Now, ethanol can be manufactured directly from sugar. This will ensure sugar inventory is not too high,” said Baliga.
Stocks such as Avadh Sugar, Uttam Sugar, Triveni Engineering, Dwarikesh Sugar, Shree Renuka and Bajaj Hindusthan have gained 40-87 per cent in the last one month. All the sugar companies are in the green for 2021 calendar year, gaining 10-55 per cent.