Sugar cos’ shares up; Shree Renuka up 6%
India’s biggest sugar producer Bajaj Hindustan and other sugar companies surged on the Bombay Stock Exchange after the government allowed the shipment of five lakh tonnes of the sweetener on Saturday.
Sugar stocks rallied in on Wednesday’s trade, led by Bajaj Hindustan, which jumped nearly 4 per cent to a high of Rs 69.35 on the BSE. Similarly, Simbhaoli Sugars touched a high of Rs 39.45 and was trading at Rs 38.50, up 3.49 per cent on the BSE.
The Empowered Group of Ministers (EGoM) on food yesterday decided to permit the export of five lakh tonnes of sugar as the country’s production is estimated to outstrip demand after a gap of two years.
After the announcement, stocks of other sugar companies, including Balrampur Chini Mills (up 4.52 per cent) and Dhampur Sugar Mills (3.76 per cent) rallied.
The other sugar companies that participated in the rally included Dwarikesh Sugar (5.36 per cent), EID Parry (6.66 per cent), Shree Renuka (5.55 per cent), Oudh Sugar (8.84 per cent) and Uttam Sugar(1.99 per cent).