DCM Shriram, Dhampur Sugar, Bannari Aman, Bajaj Hind, Shree Renuka and Upper Ganges were up more than 10% each.
Sugar output is estimated to drop to 23.5 mt in the next 2016-17 season
Sugar availability in the coming 2016-17 sugar season, starting from October, will be around 31 million tonnes, much more than the expected demand of 26 million tonnes, an official statement said, refuting speculations of a shortage due to low production.According to the statement, India will start the 2016-17 sugar season with an opening stock of seven million tonnes, while domestic production is projected to be around 23-24 million tonnes.This means that the total availability would be approximately 31 million tonnes, while demand would be 26 million tonnes."The government has taken necessary steps to maintain sufficient stocks in the country. It has imposed 20 per cent duty on export of sugar and has empowered state governments to impose stockholding limits on traders to ensure availability of sugar at reasonable prices," the statement added.
The 20% customs duty on sugar exports is aimed at boosting domestic supply
Within a year of setting an ambitious export target government has now made a U-turn by restricting their exports by imposing exports duty
Sugar industry body head Abinash Verma said that the govt was making up for the expected fall in production in the next season
Ugar Sugar, Simbhaoli Sugars, Oudh Sugar, Rajshree Sugars and Sakthi Sugars are down over 6% each
Dwarikesh Sugar, Ugar Sugar Works, Oudh Sugar Mills and Upper Ganges are down more than 5% each
Sugar prices in the retail market have been quoting between Rs 42 and Rs 45 per kilo in the national capital
Upper Ganges, Mawana Sugars, Oudh Sugar and Ugar Sugar have zoom more than 200% thus far in 2016.
The country had exported 1.1 MT of sugar in the 2014-15 marketing year (October-September)
Despite recent rally, experts advise buying shares of firms with a longer term perspective
Many nutrition experts say that sugar in moderation is fine for most people but in excess it can lead to metabolic problems beyond its effects on weight gain
Overall, the country's cane sowing in 2016-17 is expected to be 4.41 mn ha, up 7.6% from the current year
Include Balrampur Chini, Dhampur Sugar and Dwarikesh Sugar, total 15 sugar stocks trading at their 52-week highs.
A move that could further push up global prices of the sweetener
Less domestic output , with a widening global deficit, resulting in more realisation and profits, among favourable factors
Dhampur Sugar, DCM Shriram Ind, Dharani Sugars, Thiru Arooran, Mawana Sugars, Dwarikesh Sugar and Upper Ganges were quoting at their respective 52-week highs.
Rating agency says a forward contract price of Rs 4,000 will prompt govt to cut import duty on raw sugar and ease imports
Maharashtra imposes stock-holding limits on sugar to check prices from rising