 "Sugar")
Shares of most sugar companies were trading at their respective 52-week lows on concerns of renewed pressure on the sweetener prices, if the final production would be higher than the current estimates.
Balrampur Chini Mills, Dwarikesh Sugar Mills, Bannari Amman Sugars, Bajaj Hindustan, Mawana Sugars and Thiru Arooran Sugars are among 12 sugar stocks that hit their respective 52-week lows on the BSE in intra-day trade on Monday. The S&P BSE Sensex was trading 1% lower at 33,693 points at 01:07 pm.
According to Reuters report, a survey of global and local dealers showed that India's sugar production is likely to rise to a record 29.2 million tonnes in the 2017/18 season, up nearly 12% from a previous estimate as Maharashtra's output could more than double. CLICK HERE TO READ FULL REPORT
Even as sugar production is estimated to grow by 33% in the sugar year 2018(SY), beginning from October 1, the operating profits of mills are likely to take a hit this fiscal due to higher cost of cane production, ICRA said in a report.
However, ICRA said, there might be renewed pressure on the sugar prices, especially if the final production would be higher than the current estimates of around 27 million tonne. CLICK HERE TO READ FULL REPORT
Balrampur Chini Mills tanked 10% to Rs 105 on the BSE in intra-day trade after the stock turning ex-date for share buyback.
Balrampur Chini Mills, Dwarikesh Sugar Mills, Bannari Amman Sugars, Bajaj Hindustan, Mawana Sugars and Thiru Arooran Sugars are among 12 sugar stocks that hit their respective 52-week lows on the BSE in intra-day trade on Monday. The S&P BSE Sensex was trading 1% lower at 33,693 points at 01:07 pm.
According to Reuters report, a survey of global and local dealers showed that India's sugar production is likely to rise to a record 29.2 million tonnes in the 2017/18 season, up nearly 12% from a previous estimate as Maharashtra's output could more than double. CLICK HERE TO READ FULL REPORT
Even as sugar production is estimated to grow by 33% in the sugar year 2018(SY), beginning from October 1, the operating profits of mills are likely to take a hit this fiscal due to higher cost of cane production, ICRA said in a report.
However, ICRA said, there might be renewed pressure on the sugar prices, especially if the final production would be higher than the current estimates of around 27 million tonne. CLICK HERE TO READ FULL REPORT
Balrampur Chini Mills tanked 10% to Rs 105 on the BSE in intra-day trade after the stock turning ex-date for share buyback.
