If any deduction claimed for expenditure made on purchase of sugar has been disallowed, an application can be made to the assessing officer, who will recompute the income of the relevant previous year after allowing such deduction up to the price fixed or approved by the government for such previous year.

"Shree Renuka Sugars may be a two-digit stock but that does not mean it is a small company. It is a big company. There has been a change in promoter and cyclicality has ended with government plan on ethanol. The second one is EIL. No refinery, no fertiliser plant in India has not been built without the help of EIL."

Record production, surging exports and the ethanol story is working wonders of Indian sugar companies. But can the past returns sustain despite an ongoing correction?

The stock holding limit will be worked out on the basis of giving 100% weightage to the month-end notional stock of the preceding month," the ministrys notification said.

This will boost stock holding limits for sugar mills and monthly allocation for sales will increase, said industry experts.

Some analysts warned that export quota relaxations, reduction in GST rates for ethanol production, and early forecasts of production shortfall were only short-term triggers.

Last Week, Food Secretary Sanjeev Chopra said the ministry will assess the domestic production of sugar in January before considering a hike in the quota. The food secretary was speaking on the sidelines of the Annual General Meeting (AGM) of industry body ISMA.

The Nifty Bank index was trading 0.37 per cent up at 43380.85.

The Nifty Auto index was trading 0.84 per cent up at 12882.6.

The Nifty Realty index was trading 0.31 per cent up at 441.15.

The Nifty IT index was trading 0.61 per cent down at 28526.6.

The Nifty Pharma index was trading 0.2 per cent down at 12610.65.

The counter is making higher highs and higher lows. It has created a strong base in a cluster of the 20-and 50-day moving averages, and the RSI is also holding the 50-mark; therefore, we can expect the bullish momentum to continue.

Low cane yield in major states like Maharashtra and Karnataka is one of the major reasons for the drop in sugar output. Reuters has reported that on an average, farmers reported a 15-35% drop in cane yield.

The Nifty Bank index was trading 0.09 per cent down at 41254.45.

The Nifty Realty index was trading 0.0 per cent at 442.7.

The Nifty Realty index was trading 0.04 per cent down at 420.75.

The Nifty Bank index closed 0.97 per cent down at 38712.45.

The Nifty Auto index was trading 0.7 per cent down at 12604.75.

The Nifty Realty index was trading 0.84 per cent down at 430.6.

Continuing its daily rising trend, the stock surpassed its prior swing high of Rs 63 and rose to fresh 10-year high of Rs 66. It has potential to move towards Rs 75 in the short-term and Rs 95 in the medium-term. The stock is positively poised above its major moving averages, and key technical indicators also favor the bulls. We believe undergoing positive momentum will continue.

The Nifty Bank index was trading 0.41 per cent down at 38933.5.

The Nifty Bank index was trading 0.46 per cent up at 38890.15.

The Nifty Pharma index was trading 0.19 per cent down at 12802.2.

The Nifty Realty index was trading 0.04 per cent down at 420.75.

The Nifty Bank index was trading 0.46 per cent up at 38890.15.

The Nifty Pharma index was trading 0.19 per cent down at 12802.2.

The Nifty Bank index closed 0.97 per cent down at 38712.45.

The Nifty Auto index was trading 0.7 per cent down at 12604.75.

The Nifty Bank index was trading 0.41 per cent down at 38933.5.

The Nifty Realty index was trading 0.84 per cent down at 430.6.

Continuing its daily rising trend, the stock surpassed its prior swing high of Rs 63 and rose to fresh 10-year high of Rs 66. It has potential to move towards Rs 75 in the short-term and Rs 95 in the medium-term. The stock is positively poised above its major moving averages, and key technical indicators also favor the bulls. We believe undergoing positive momentum will continue.

The Nifty Realty index closed 0.98 per cent down at 434.25.

The Nifty Auto index closed 0.54 per cent down at 12693.6.

The Nifty Realty index closed 0.32 per cent up at 438.55.

The Nifty Bank index closed 0.27 per cent down at 39178.05.

The Nifty Pharma index was trading 0.47 per cent down at 13126.3.

"Right now, if we see the weekly charts of Nifty, the index has not broken its high of 18,114 levels to confirm that it has started the higher top higher bottom series to form a view of buy on dips. Though the broader markets and the market breadth have been strong in this up move from 15,191-18,096. So, from Bank nifty & midcaps perspective, both the indices have taken out their previous swing tops & there buy on dips can be done."