Majority of sugar stocks settle higher today
Shares of sugar manufacturing companies surged on July 11, with KCP Sugar and Industries Corp Ltd leading the gainers at 19.99%. Other notable gainers included Ponni Sugars (11.43%), Bannari Amman Sugars (6.44%), and Sakthi Sugars (6.73%). Experts predict the government may permit sugar exports for the new crop in September/October, with a graded approach and quota system. Sugar production is estimated at 32 million MT, with surplus available for export after meeting domestic and ethanol blending demands. This development comes after India imposed restrictions on sugar exports due to concerns about a poor harvest and high domestic prices.
Shares of majority of sugar manufacturing companies settled higher at the stock markets on July 11.
KCP Sugar and Industries Corp Ltd (up 19.99%), Ponni Sugars (Erode) (11.43%), Bannari Amman Sugars (6.44%), Sakthi Sugars (6.73%), Bajaj Hindusthan (6.03%), Kothari Sugars (5.33%), Avadh Sugar (4.70%), Dwarikesh Sugar (4.50%), KM Sugar Mills (3.94%), Shree Renuka Sugar (3.49%), Triveni Engineering (3.95%), Rana Sugars (2.92%), Mawana Sugars (2.57%), Ugar Sugar Works (2.86%), Uttam Sugar Mills (2.62%), Dhampur Bio (2.90%), Vishwaraj Sugar (2.01%), Balrampur Chini (1.82%), EID Parry (1.90%), Rajshree Sugars (0.87%), Magadh Sugar (1.80%), Dhampur Sugar (0.74%), Simbhaoli Sugar (0.43%), DCM Shriram (1.62%), Zuari Industries (0.59%), and Davangere Sugar (0.11%) were among the gainers.
Today ChiniMandi reported that experts believe the government may permit sugar export for the new crop sometime in September/October.
Speaking on export possibilities, sugar expert and Director of Gradient Commercial Pvt. Ltd., Yatin Wadhwana, said, “The government will look at allowing export of sugar from the new crop sometime in September/October and it will be a graded approach with quota system with 1-2 million MT in the first tranche followed by subsequent quantities based on the progress of the crop and the Ethanol programme. As always their priority will be domestic consumption, followed by the ethanol blending programme and exports of any further surplus. Given the current progress of the Monsoon in the growing areas and the crop condition we can estimate a sugar production of upwards of 32 million MT after diversion to Ethanol for the next crop, which means that there will be surplus available for export after taking care of the Ethanol blending programme.”
India had imposed restrictions on sugar exports due to concerns about a poor harvest and high domestic prices.
Source Link : https://www.chinimandi.com/majority-of-sugar-stocks-settler-higher-today/
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