11 sugar stocks hit upper circuit on BSE

Dwarikesh Sugar, Mawana Sugars, Kesar Enterprises, Sir Shadi Lal, Thiru Aroon Sugars and Ugar Sugar Works locked upper circuit on the BSE.

Shares of sugar makers continued to surge in trade on Tuesday, with 11 stocks from the sector hitting the upper circuit on the Bombay Stock Exchange (BSE).

Dwarikesh Sugar, Mawana Sugars, Kesar Enterprises, Sir Shadi Lal Enterprises, Empee Sugars, Thiru Aroon Sugars, Riga Sugar, Ugar Sugar Works, SBEC Sugar, Gayatri Sugars and KM Sugar Mills rallied 2%-20% on the BSE.

Dharani Sugars & Chemicals, Shree Renuka Sugars, EID Parry and Bannari Amman Sugars are a few stocks that rallied over 8% on the BSE.

The rally comes on the back of expectation of a drop in production this year, after a deficient monsoon. India's sugar output is estimated to decline by 4.62% to 26.8 million tonnes in the 2015-16 marketing year, says an ICRA report. CLICK HERE TO READ FULL REPORT.

EID Parry has surged 10% to Rs 211, extending its 8% gain in past two days on the BSE, after the company said that going forward, if the momentum on sugar price is sustained/improved, the sugar year 2015-16 will be a better year than sugar year 2014-15, which was the most challenging year for the company in the last few decades.

Dwarikesh Sugar Industries has been hitting the upper circuit for six straight trading sessions, and has gained another 5% on Tuesday at Rs 85.65, which also is its fresh 52-week high on the BSE after it reported turnaround results in September quarter.