While production has been low this marketing season, ISMA says the weather has been good for the standing cane crop. It fears that in the next season, higher production and a cap on diverting cane for ethanol could hit lead to a price slump
Emkay initiated coverage on Tejas Networks with a buy rating and a target price of Rs 1050. The company expects to execute orders worth at least Rs.29,200 crore over FY24-28.
This positive trend in sugar company stocks follows recent government orders mandating the disclosure of sugar stock positions for traders, wholesalers, retailers, big chain retailers, and sugar processors. This measure aims to proactively address hoarding and speculative practices in the sugar market.
Increased sugar prices and expanding ethanol volumes, according to the brokerage s analysis, will result in considerable increases in sugar producers profitability, , sugar stocks, investment, trading, stockmarket
The Fast developing El Nino conditions are likely to result in a decline in net sugar production by 4 mt 12%, specifically in Maharashtra and Karnataka, the note said adding that this would keep domestic sugar prices firm for the next one year.