Sugar stocks extend rally; Dwarikesh Sugar, Balrampur Chini hits 52-week high

Dwarikesh Sugar, Dalmia Bharat Sugar, Oudh Sugar and Uttam Sugar rallied more than 9% each on the BSE.

Shares of sugar producing companies continued trading higher for second straight day on the bourses on expectations of lower domestic sugar output in FY16 owing to drought conditions in major producing states together with mandatory exports that have led to an uptrend in domestic sugar prices.

Dwarikesh Sugar Industries, Dalmia Bharat Sugar, Oudh Sugar Mills, Kesar Enterprises, Uttam Sugar Mills and Rajshree Sugars have rallied more than 9% each on the BSE.

Mawana Sugars, Ugar Sugar Works, DCM Shriram Industries, Upper Ganges Sugars, Sakthi Sugars, Bannari Amman Sugars, Dhampur Sugar Mills, Balrampur Chini Mills and Dharani Sugars gained between 5%-9%.

Dwarikesh Sugars Industries has rallied 20% to Rs 160, also its 52-week high on the BSE in intra-day trade. In past two trading sessions, the stock zoomed 44% from Rs 111 on March 3, after the rating agency ICRA upgraded the long-term rating of the Line of Credit (LOC). The outlook on the long term rating has been changed to positive from stable.

“The rating action factors in the improved outlook for the company’s core sugar business arising out of the significant increase in domestic sugar prices coupled with an improvement in the recovery of sugar from sugarcane leading to lower cost of production during SY16,” ICRA said in a statement. CLICK HERE TO READ FULL REPORT.

Balrampur Chini Mills, Dalmia Bharat Sugar & Industries, Gayatri Sugars and Oudh Sugar Mills are among others; hit their respective 52-week highs on the BSE.

Name	03/03/2016	04/03/2016	LTP	% chg#	% chg*
Dwarikesh Sugar	111.20	133.40	151.70	13.72	36.42
Dalmia Bharat	69.45	80.25	90.70	13.02	30.60
Uttam Sugar Mills	21.85	24.65	27.50	11.56	25.86
Mawana Sugars	18.80	20.65	22.70	9.93	20.74
Oudh Sugar Mills	40.00	44.50	48.80	9.66	22.00
Ugar Sugar Works	12.40	13.10	14.15	8.02	14.11
Rajshree Sugars	25.85	30.70	32.80	6.84	26.89
Upper Ganges Sugar	61.50	68.50	73.05	6.64	18.78
DCM Shriram Inds	92.05	95.90	101.75	6.10	10.54
Balrampur Chini	85.70	92.75	98.40	6.09	14.82
Bannari Amm.Sug.	1120.00	1159.00	1224.00	5.61	9.29
Dhampur Sugar	56.50	67.45	70.35	4.30	24.51
Ponni Sugars	171.60	187.30	194.90	4.06	13.58
KCP Sugar	21.60	23.85	24.65	3.35	14.12
Sakthi Sugars	25.30	29.35	30.25	3.07	19.57
Triveni Engg.	41.35	46.25	47.60	2.92	15.11
Bajaj Hindusthan	15.23	16.35	16.80	2.75	10.31
Shree Renuka Sugar	12.15	13.91	14.22	2.23	17.04
EID Parry	184.40	191.45	194.70	1.70	5.59
Sensex	24606.99	24646.48	24558.11	-0.36	-0.20
LTP - Last traded price on BSE in Rs as at 01:43 pm.
# Change over previous close, * Change over March 3, 2016