Most sugar stocks rise in trade; Shree Renuka Sugars gains over 3%

According to Crisil, sugar offtake in the current sugar season is expected to remain more or less at last season levels despite the Covid-19 pandemic

Shares of most sugar companies were trading in the positive territory on Thursday even as the government raised sugarcane floor price by 3.6 per cent. The Union Cabinet on Wednesday approved raising the price that sugar mills should pay for sugarcane in the next season beginning October 1, to Rs 285 per 100 kg, up from Rs 275 a year earlier. READ ABOUT IT HERE  

"The increase in sugarcane floor price is definitely negative for the sugar companies as they have to pay more to procure sugar from the farmers. However, the market was anticipating a much bigger