Ethanol stocks jump 10% after Govt to increase MSP for sugar; Also to remove ban on export
Indian sugar stocks surged by up to 10% following Food Minister Pralhad Joshi’s announcement regarding potential increases in the minimum selling price (MSP) of sugar, ethanol prices, and the lifting of certain export bans. Joshi noted positive sugar production forecasts for the 2024-25 season, attributing this to favorable monsoon conditions. Investors are encouraged to consider top-performing stocks like Balrampur Chini Mills, which saw a 6.29% rise, trading at ₹651 per share.
The Indian sugar stocks soared upto 10 percent in the day’s trade thereby sweetening the mouth of its investors after Food Minister Pralhad Joshi announced the government is considering the industry’s demand of hiking the minimum selling price (MSP) of sugar from the current level of Rs 31 per kg, along with ethanol prices and lifting of certain ban regulations on sugar exports.
He further added” Sugar production was good for the 2024-25 season (October to September) on account of a good monsoon. The petroleum ministry is seized of the matter, we are in touch with the petroleum ministry for consideration to hike the ethanol price,”.
Balrampur Chini Mills Limited (BCML) is one of the largest integrated sugar companies in India. The company’s allied businesses produce sugar, conduct distillery operations, and cogenerate power.
With a market capitalization of Rs. 13,294 Crores, the shares of Balrampur Chini Mills Limited were trading at Rs. 651 per equity share, up 6.29 percent from its previous day’s close price of Rs. 612.50.
Source Link : https://tradebrains.in/features/ethanol-stocks-jump-10-after-govt-to-increase-msp-for-sugar-also-to-remove-ban-on-export/
