Sugar stocks may gain further

Allahabad HC asks UP govt to scrap SAP for cane this year. Allahabad HC has asked the UP mills to pay Rs 81.18/q for cane this year. Effective cane price for UP mills is at Rs 90.19/q. Effective UP cane price is higher than SMP on better sugar recovery. Allahabad HC also has asked UP not to take action on mills with cane arrears. It is certainly a huge, huge positive news for Sugar companies located in UP.

VSNL announced that the company is constructing a new TGN Eurasia Cable System linking Mumbai directly to Paris, London and Madrid via Egypt. The new cable system is being built in partnership with SEACOM and Telecom Egypt (TE), and will provide VSNL with 1.28 terabit of new capacity on this route during 2009. Stock gained whooping Rs111 in NSE.

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