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Sugar stocks turn bitter

Capital Market 

Shares of 11 firms were down by 0.66% to 7.82% at 11:18 IST on BSE, extending yesterday's slide after ISMA projected record output in current year.

Mills (down 7.82%), (down 6.14%), (down 6.29%), (down 6.25%), Hindusthan Sugar (down 4.03%), (down 7.64%), (down 6.17%), (down 5.79%), (India) (down 1.33%), (down 3.21%) and Sugar (down 0.66%) edged lower.

The BSE Sensex was up 84.08 points, or 0.25% at 33,117.17.

Increased sugar production outlook in is likely to add to the concerns on excess global supplies and could pull downwards the prices of raw sugar.

In a press released issued on 7 March 2018, (ISMA) said that production of 295 lakh tonne in the current season will be 45 lakh tonne higher than the 250 lakh tonne of estimated domestic consumption. A part of this needs to be exported in the next 6 to 7 months within this sugar season itself, to reduce the burden of surplus sugar in the country, ISMA said. The sugar season runs from October to September.

Considering that 479 sugar mills are still crushing and also taking into the account higher yields reported from and Karnataka, the apex industry body revised its estimates for the current season to 295 lakh tonne of sugar. The sugar production upto 28 February 2018 was 230.5 lakh tonne.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 08 2018. 11:42 IST