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Sugar stocks gain as Cabinet hikes ethanol price by 25%

Simbhaoli Sugars, Shree Renuka Sugars, Dhampur Sugar Mills, Dwarikesh Sugar Industries, Avadh Sugar & Energy, Ugar Sugar Works, and Magadh Sugar & Energy were up in the range of 5% to 20% on the BSE.

Ethanol

Shares of sugar companies have moved higher by up to 20% on the BSE after the Cabinet approved a hike in ethanol price by 25%, which is likely to help sugar mills to divert their production from sugar. Simbhaoli Sugars, Shree Renuka Sugars, Dhampur Sugar Mills, Dwarikesh Sugar Industries, Avadh Sugar & Energy, Ugar Sugar Works, and Magadh Sugar & Energy were up in the range of 5% to 20% on the BSE. In comparison, the S&P BSE Sensex was up 0.87% at 37,739 points at 03:22 PM. “The union cabinet on Wednesday increased the procurement price of ethanol produced from B-heavy ...