Sugar shares extend rally; Balrampur, Dwarikesh rally up to 27% in one week

The sugar industry is going through a transformation from being a cyclical industry to structural growth sector by increasing distillery capacities over the next three years, analysts say.

Shares of sugar companies continued at their upward movement, with Balrampur Chini Mills, Dwarikesh Sugar Industries and Triveni Engineering & Industries hitting their new record highs on Thursday, in an otherwise weak market, on strong outlook. Most of the sugar stocks were higher in the range of 3 per cent to 10 per cent. In comparison, the S&P BSE Sensex down 1.2 per cent at 59,517 points at 10:11 am.

In the past one week, Balrampur Chini Mills, Dwarikesh Sugar, Uttam Sugar Mills, Magadh Sugar and Avadh Sugar have rallied between 20 per cent and 27 per cent on