Balrampur Chini plunges 5% on Morgan Stanley downgrade

Uttar Pradesh-based sugar company Balrampur Chini dropped more than 5 percent as the foreign research firm Morgan Stanley has downgraded the stock to underweight with a target price of Rs 48.

The firm says, the sugar division is unlikely to make money at current realisations post the steep cane price hike.

The Uttar Pradesh Government has declared state advisory prices (SAP) on Friday at Rs 275/quintal - Rs 290/quintal (that is higher by Rs 40 compared to previous year's price) depending on variety.

Also Read -  Don't see complete sell-off in sugar stocks: Udayan

At 11:53 hours IST, the stock fell 5.16 percent to Rs 57.90.

Another UP-based Triveni Engineering and Industries tanked 3.8 percent to Rs 20.25.

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