Sugar stocks rally on reports of spike in sugar prices

Shares of 14 sugar companies rose 3.98% to 20% at 14:06 IST on BSE on reports of a spike in sugar prices which is likely to boost manufacturers' margins.

Rana Sugars was locked at 20% upper circuit at Rs 3.10, Upper Ganges Sugar & Industries was locked at 5% upper circuit at Rs 35.55, Oudh Sugar Mills was locked at 5% upper circuit at Rs 23.65, Simbhaoli Sugars was locked at 5% upper circuit at Rs 17.85, Dwarikesh Sugar Industries was locked at 5% upper circuit at RS 32.65, Sakthi Sugars (up 15.1% at Rs 22.10), Triveni Engineering & Industries (up 13.3% at Rs 20.45), Bajaj Hindusthan (up 11.17% at Rs 19.90), Dhampur Sugar Mills (up 7.73% at Rs 48.10), Shree Renuka Sugars (up 4.83% at Rs 22.80), EID Parry (India) (up 4.66% at Rs 157.10), Eastern Sugar & Industries (up 4.46% at Rs 2.34), KCP Sugar & Industries Corporation (up 4.45% at Rs 19.95) and Balrampur Chini Mills (up 3.98% at Rs 58.85), edged higher.

Meanwhile, the S&P BSE Sensex was down 157.21 points or 0.7% at 22,351.86.

Local sugar prices are hovering near their highest level in 15 months as demand from bulk consumers like cold drink and ice-cream makers improves due to the summer season. Sugar price has risen 14% in just five weeks, report said.

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