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This measure is possibly in anticipation of low sugar production during the current crushing season from October 2023 to September 2024 after a weak monsoon, particularly in Maharashtra and Karnataka, which are major sugarcane producers.
Kajaria Ceramics, the country s leading listed tile manufacturer, has seen its stock fall by 7 per cent over the past month amid concerns about rising input costs and sluggish domestic demand.
Other listed stocks also experienced weakness in September, although there was some recovery in October.
While strong exports are expected to help stabilise domestic market prices, the surge in gas prices over the past couple of months may have impacted margins in the second half of FY24.
Stocks of the country s bigger tile and ceramic makers were major gainers over the past week.
The leaders in this space Kajaria Ceramics and Cera Sanitaryware were up 7 per cent each.
In the past three months, Kajaria Ceramics and Somany Ceramics were up 29-32 per cent, while Cera Sanitaryware gained 22 per cent.
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