Indian jute product makers surge on govt's mandatory packing norms

Grameva

11/12/2023 04:38

** Shares in Indian companies that make jute products rise
between 6% and 14%
    ** Shares of Cheviot  CHVI.NS  up 13%, Ludlow Jute  LUDL.BO 
gain 14%, Gloster  GLOT.BO  and Bangalore Fort Farms  BANG.BO 
rise 6.2% and 8%, respectively
    ** Indian govt on Friday said cabinet committee on economic
affairs approved mandatory packaging of foodgrains and 20% of
sugar in jute bags 
    ** Average Production of jute sacking bags is about 30 lakh
bales (9 lakh million tonnes) and govt is committed to ensure
complete off-take of sacking production of jute bags, notice
says
    ** CHVI rise as much as 18.3% to hit record high; LUDL sees
highest since Jan 2022
    

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))