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Sugar stocks fell sharply on Wednesday, a day after the government imposed restrictions on sugar exports from June 1 to increase availability of the commodity in domestic market and curb price rise. Shares of Dalmia Bharat Sugar and Industries plummeted 13.40 per cent, Dwarikesh Sugar tumbled 9.38 per cent, Uttam Sugar Mills plunged 9.30 per cent and Balrampur Chini Mills tanked 8.56 per cent on the BSE. Also, Avadh Sugar & Energy dived 8.04 per cent, Shree Renuka Sugars declined 6.69 per cent and Mawana Sugars dipped 4.97 per cent. "Export of sugar (raw, refined and white sugar) is placed under restricted category from June 1, 2022 onwards," the Directorate General of Foreign Trade (DGFT) said in a notification on Tuesday. In a statement, the government said with a view to maintain domestic availability and price stability of sugar in the country during sugar season 2021-22 (October-September), it has been decided to regulate the sugar exports with effect from June 1.
Cement maker Dalmia Bharat Ltd on Friday said securities worth Rs 344 crore have been credited back to the demat account of its arm by IL&FS Securities Services following an order of the Supreme Court. Mutual fund units of its two erstwhile subsidiaries were earlier "fraudulently and illegally transferred" by Allied Financial Services Pvt Ltd (AFSPL) "in collusion with IL&FS Securities Services Limited (ISSL)", Dalmia Bharat said in a regulatory filing. The two subsidiaries were of Dalmia Bharat's step-down firm Dalmia Cement (Bharat) Limited (DCBL). "We hereby further update that the said Securities of DCBL lying with ISSL were released in favour of DCBL and credited back to its demat account as per said order of the Supreme Court," it said. Earlier on March 16, 2021, the Supreme Court had modified its previous order of August 2019 and had allowed the release of the securities. The apex court had directed "release of the Mutual fund units of two erstwhile subsidiaries of ...