Sugar stocks sweeten up to 9% on hopes of additional 1 million exports

Rallying energy markets, tight sugar availability, COVID lockdowns in China and logistical issues from the fallout of Russia's military invasion of Ukraine have led to uptick in spot sugar prices.

Shares of sugar companies gained up to 9 per cent on the BSE in Thursday’s intra-day trade on reports that the government will allow 1 million tonnes of sugar exports in sugar season 2021-22.

Balrampur Chini Mills, Triveni Engineering & Industries, Avadh Sugar & Energy, Dalmia Bharat Sugar and Industries, Dwarikesh Sugar Industries, Uttam Sugar Mills, Shree Renuka Sugars and Vishwaraj Sugar Industries were up between 3 per cent and 9 per cent on the BSE in intra-day trade. In comparison, the S&P BSE Sensex was up 0.27 per cent at 55,548 points at 10:10 AM.

In the