India scraps 20 pct sugar export tax to boost boost overseas sale, cut inventory
Shares of sugar companies such as Balrampur Chini Mills Ltd, Dalmia Bharat Sugar and Industries Ltd and Shree Renuka Sugars Ltd rose by as much as 5 percent on Tuesday afternoon after the announcement. The move to scrap the tax helps to improve local sentiment, but lower global prices could make it difficult for India to sell on the world market, said a Mumbai-based dealer with a global trading firm who was not authorised to speak to media.
Sugar export: India has scrapped a 20 percent sugar export tax, a government source said on Tuesday, to help boost overseas sales in a year of surplus production. Image source: Reuters