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Sugar stocks on a sweet ride, but low volume turns analysts cautious
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Sugar stocks have been seeing a rally of their lifetime, as rising international prices and increased demand for ethanol from oil market companies (OMCs) have raised their outlook.
Sugar stocks have surged up to 90%.
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NEW DELHI: Even as rising Covid-19 cases have tamed the speed of the equity bulls, there are some pockets in the market that have remained virtually unaffected. Stocks of often-overlooked sugar makers are one such pack.
Sugar stocks have been seeing a rally of their lifetime, as rising international prices and increased demand for ethanol from oil market companies (OMCs) have raised their outlook. In the last one month, these stocks have surged up to 90 per cent.
Shares of sugar companies were on a roll at the bourses, on Monday, with Bajaj Hindustan, Dwarikesh Sugar Industries, Dhampur Sugar Mills, Avadh Sugar & Energy, Uttam Sugar Mills and Dalmia Bharat Sugar and Industries rallying between 15 per cent and 20 per cent, in an otherwise weak market, on healthy outlook.
Triveni Engineering & Industries, EID Parry, Shree Renuka Sugars and Balrampur Chini Mills gained in the range of 10 per cent to 12 per cent. In comparison, the S&P BSE Sensex was down 0.61 per cent at 48,484 points, at 02:03 pm.
Most of the brokerages have positive stance on India’s sugar industry as it is well poised to benefit from global and domestic factors. Lower output from countries like Brazil, Thailand and the EU would keep supplies tight and global prices firm, enabling India to increase exports. On the domestic front, favorable policies, rising ethanol demand (blending target of 20 per cent by CY25 from 8 per cent currently), aggressive ethanol capacity additio
Domestic equity markets staged a smart recovery in the fag end of the session, lifted mainly by metal and FMCG stocks, to end mixed on Monday even as losses in the banking counters capped gains. Among the headline indices, the BSE barometer S&P BSE Sensex settled the day at 48,716 levels, down 64 points or 0.13 per cent. The index hit a low of 48,028 in the opening deals but rose swiftly through the day to touch a high of 48,863 in the late noon deals. On the NSE, the Nifty50 index closed at 14,634 levels, up 3 points or 0.02 per cent, after hitting an intra-day high of 14,674.
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NOTE :
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In the Annual duration product we offer both an auto renewal based product and a non auto renewal based product.