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Sugar Stocks See Buying Interest; Dhampur Sugar Mills Gains 6.5%
In trade today on May 25, 2021 when Nifty has notched 15293 levels, and broader markets are outperforming the headline indices, some of the sectors that are seeing a rally include media, metal and FMCG space with gains of over 1 percent.
Industry wise, sugar stocks have been seeing tremendous buying.
| Stocks | Day's high price | % gain | 52-week high |
|---|---|---|---|
| Shree Renuka Sugar | Rs. 16 | 4.92% | Rs. 17 |
| Dhampur Sugar Mills | Rs. 334.35 | 6% | Rs. 360.8 |
| Bajaj Hindusthan Sugars | Rs. 11.75 | 3% | Rs. 14.15 |
| Andhra Sugars | Rs. 422.2 | 2% | Rs. 466.55 |
| Dwarikesh Sugars | Rs. 54.45 | 3% | Rs. 59.70 |
| Avadh Sugar and Energy | Rs. 315 | 5% | Rs. 345 |
| Uttam Sugar | Rs. 153.1 | 4% | Rs. 172.35 |
Sugar stocks have been buzzing in trade of late and this has been owing to a near 6-7 percent increase in sugar price recently. The spike in sugar price is due to increased demand for the commodity in the summer season. Also, with the end of the crushing season there has not been reported any major shift on the sugar production front.
Further what has been fuelling the sugar stock prices is the surge in sugar prices internationally, which in 2 months time jumped by 15 percent. Also the rise in the demand for ethanol, which is the byproduct of the sugar industry, has also raised the outlook for the sector.
Also there has been reported a 20 percent steep fall in the production of sugar in Brazil i.e. among the top sugar producing country, and this shall boost prospects of export of sugar from the country.
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