The Indri Diwali collector s edition, a new peated whiskey made by the sugar mill, won the Best in Show Double Gold award at the Whiskies of the World Awards, it was announced last month. Indri was the sole winner in that category. That s not all. The stock of Piccadily Agro Industries-the company that runs the sugar mill-has soared. It was ₹25 in December 2021 and has since shot up to ₹241.
Sugar prices are hovering near six-year highs, leaving a bad taste in Indian consumers palates but sweetening the portfolios of investors in related stocks at Dalal Street.
Shares of sugar manufacturers such as Piccadily Agro, DCM Shriram, Magadh Sugar, and Bajaj Hindustan have rallied up to a whopping 200 per cent so far in the financial year 2024 (FY24) as deficient monsoon rains in major sugarcane producer states like Maharashtra and Karnataka are expected to lead to a shortfall in sugar output ahead.
In comparison, the BSE Sensex has modestly gained 11 per cent during this period.