Significant optimism has returned to the sugar sector due to seasonal factors (festival period), and growing concerns on India's sugar production estimate for the upcoming season
Sugar prices rose to a six-year high on Tuesday, amid concerns over a deficient monsoon.
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The incremental tailwind is expected from attractive international prices, which could catalyse a positive in sugar realizations, Dwarikesh Sugar said in its financial year 2022-23 annual report.
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Analysts see 15-20 per cent upside in companies like Balrampur Chini, Dhampur, Triveni and EID
Sugar prices in India have also climbed more than 6 per cent in the past two weeks
India's sugar production fell 3 per cent to 29.9 million tonnes (MT) in the first six months of the 2022 23-marketing year ending September, according to industry body ISMA.
India has a cushion to export an additional 1 million tonnes of the sweetener if the domestic output reaches an estimated 33.6 million tonnes this year
At 11:47 AM; Ponni Sugars (Erode) traded 7.5 per cent higher at Rs 462.65, as against 0.45 per cent decline in the S&P BSE Sensex
The stellar performance of sugar stocks began in 2021, and is likely to continue in the new year - 2023, indicates the technical charts.
The government of India has taken a slew of measures in the past couple of years that have changed the dynamics of the sugar industry
Rajshree Sugars, Ugar Sugar Works, Simbhaoli Sugars, Sakthi Sugars and Bajaj Hindustan have zoomed in the range of 10 per cent to 19 per cent in intra-day trades so far.
At 09:15 am; around 20.73 million equity shares representing 8.58 per cent total equity of Triveni Engineering changed hands on the BSE, the exchange data shows.
There are no overdues in our account and the account is fully regular with all the lenders as on date, the Bajaj Group company said.
The board of directors of Balrampur Chini on November 9 had approved Rs 145.44 crore share buyback at Rs 360 per share through the open market route.
India is expected to produce around 36.5 million tonnes of sugar in the new season that began on Oct 1, a leading industry body said on Monday
Mills in India, which vies with Brazil as the world's top sugar producer, have so far contracted to export about 1.2 million tons and aim to ship as much as 8 million tons in the 2022-23 year