Sugar shares trade higher in a weak market; Shree Renuka hits 11-year high

ICRA expects operating margins for sugar firms to remain in the range of 13.0 - 13.5 per cen in FY23 (in line with FY22 levels) supported by elevated sugar realizations as well as ethanol realizations

Shares of sugar companies were in focus and trading higher by up to 13 per cent on the BSE in Tuesday’s intra-day trade in an otherwise weak market on expectation of stable operational performance going forward.

Ugar Sugars rallied 13 per cent to Rs 75.35, while Shree Renuka Sugars, Avadh Sugar & Energy, Uttam Sugar, Dalmia Bharat Sugar, Dhampur Sugar, Triveni Engineering, Dwarikesh Sugar and Balrampur Chini Mills were up in the range of 2 per cent to 5 per cent. In comparison, the S&P BSE Sensex was down 0.50 per cent at 57,702 at 11:00 AM.

According