Sugar stocks up 9% as global commodity prices hit 30-yr high

Sugar stocks today surged by as much as nine per cent on BSE after the price of the commodity rocketed to a 30-year high in the international market.

The gain in the sugar sector stocks was led by Dhampur Sugar Mills, which rose by 9.08 per cent to settle at Rs 74.50 a piece on the Bombay Stock Exchange.

With the poor harvest in the world's third-largest sugar exporter Australia, price of the commodity reached a 30-year high in London and fueled the uptrend in the prices back home, said an expert. Powered by the gain in the sugar prices, Shree Renuka Sugars also witnessed a jump of 5.92 per cent to close at Rs 91.25 on BSE.

Besides, another sugar producer Sakthi Sugars ended with a gain of 4.3 per cent at Rs 48.55 on BSE. Among the other major gainers were---Bajaj Hindusthan (up 4.01 per cent), Balrampur Chini (up 3.21 per cent) and Dwarikesh Sugar (up 2.72 per cent). Meanwhile, the BSE benchmark Sensex finished the day at 18,449.31, up by 358.69 points from its previous close.