HomeMarket NewsWhy are shares of Ludlow Jute, Gloster, Cheviot gaining ahead of the Cabinet meet?
For the 2024-2025 season, the government had increased the MSP for raw jute by ₹285 per quintal.
By Lakshman Roy January 22, 2025, 11:08:43 AM IST (Updated)
Shares of jute products manufacturing companies Ludlow Jute Ltd., Gloster Ltd., and Cheviot Ltd. gained as much as 5% on Wednesday, January 22, ahead of the Union Cabinet meeting, which is currently underway.
Shares gained after sources told CNBC Awaaz that the Cabinet Committee of Economic Affairs (CCEA) will be meeting today and a potential increase in the Minimum Selling Price (MSP) for raw jute is on the cards.
The potential revision in raw jute prices is for the 2025-2026 season.
For the 2024-2025 season, the government had increased the MSP for raw jute by ₹285 per quintal.
Currently, the MSP for TDN 3 raw jute is ₹5,335 per quintal. TDN 3 is a category of jute.
Shares of Ludlow Jute are trading 4.7% higher at ₹239.
Shares of Gloster had also surged as much as 2.5% to ₹728.
Shares of Cheviot are trading 1.5% higher at ₹1,270, after recovering from the day's low.
First Published:
Jan 22, 2025 11:04 AM
IST