 "Sugar shares extend rally; Dhampur Sugar surges 30% in two days")
Shares of sugar companies are trading higher for the second straight day after commodity prices have jumped 24% in the past two months on expectations of improved demand during the festival season in the domestic market and on global forecasts of shortage during the next crushing season.
Dhampur Sugar Mills, Shree Renuka Sugars, Bajaj Hindustan Sugar, Balrampur Chini Mills, Sakthi Sugars, Dwarikesh Sugar Industries, Thiru Arooran Sugars, Dalmia Bharat Sugar and Industries were trading higher in the range of 5% to 20% on the BSE. Most these stocks had gained up 16% on Tuesday.
According to Business Standard reports, Global tracking agencies have forecast sugar supply to be deficient in 2015-16. The International Sugar Organisation has forecast a deficit of 2.5 million tonnes and the US Department of Agriculture reckons the shortage will be 3.8 million tones.
India, too, has cut its production forecast to 27 million tonnes in 2015-16, 2 per cent lower than last year, added report. CLICK HERE TO READ FULL REPORT.
Among the individual stocks, Dhampur Sugar Mills has rallied 14% to Rs 45, extending its previous day’s 16% rally on the BSE.
Dalmia Bharat Sugar and Industries have locked in upper circuit of 20% at Rs 32.25, followed by Shree Renuka Sugars (11% at Rs 9.53), Sakthi Sugars (8.5% at Rs 19.75) and Thiru Arooran Sugars (6% to Rs 29.75) at 10:00 am.
Dhampur Sugar Mills, Shree Renuka Sugars, Bajaj Hindustan Sugar, Balrampur Chini Mills, Sakthi Sugars, Dwarikesh Sugar Industries, Thiru Arooran Sugars, Dalmia Bharat Sugar and Industries were trading higher in the range of 5% to 20% on the BSE. Most these stocks had gained up 16% on Tuesday.
According to Business Standard reports, Global tracking agencies have forecast sugar supply to be deficient in 2015-16. The International Sugar Organisation has forecast a deficit of 2.5 million tonnes and the US Department of Agriculture reckons the shortage will be 3.8 million tones.
India, too, has cut its production forecast to 27 million tonnes in 2015-16, 2 per cent lower than last year, added report. CLICK HERE TO READ FULL REPORT.
Among the individual stocks, Dhampur Sugar Mills has rallied 14% to Rs 45, extending its previous day’s 16% rally on the BSE.
Dalmia Bharat Sugar and Industries have locked in upper circuit of 20% at Rs 32.25, followed by Shree Renuka Sugars (11% at Rs 9.53), Sakthi Sugars (8.5% at Rs 19.75) and Thiru Arooran Sugars (6% to Rs 29.75) at 10:00 am.
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