Sugar shares sweetens as August contract rises nearly 2%

Shares of sugar manufacturers are in limelight on the bourses with most of the frontline stocks trading higher after August contract rose nearly 2% on the National Commodity and Derivatives Exchange (NCDEX).

Among the individual stocks Balrampur Chini Mills, Shree Renuka Sugars, Bajaj Hindustan. Dhampur Sugar Mills and EID Parry are trading higher by 1-5% on the Bombay Stock Exchange, as compared to 1% fall in the benchmark Sensex at 1320 hours.

Sugar futures prices today shot up by 1.97% to trade at new high of Rs 3,615 per quintal after speculators built-up fresh positions, supported by strong demand in the spot markets for the ongoing festive season amid poor rainfall in cane-growing regions.

At the NCDEX, sugar for August delivery traded Rs 70, or 1.97% higher, at Rs 3,615 per quintal, with an open interest of 11,440 lots.