Sugar stocks attracted the attention of Indian stock market investors during early morning trading on Friday. Sugar majors Triveni Engineering, Dhampur Sugar, Shree Renuka Sugars, Balrampur Chini, Dalmia Bharat, and others witnessed strong upside movement during the early morning session. Shares of sugar companies rallied by up to 13 percent Friday’s intraday deals.
Dalmia Bharat Sugar and Industries (up 13 percent at Rs 497.40), Shree Renuka Sugars (up 10 percent at Rs 52.01), Avadh Sugar & Energy (up 10 percent at Rs 774.15), Triveni Engineering & Industries (up 9 percent at Rs 479), Balrampur Chini Mills (up 8 percent at Rs 625.85), Dhampur Sugar Mills (up 9 percent at Rs 228.85), Dwarikesh Sugar Industries (up 8 percent at Rs 79.40), and EID Parry (India) (up 7.5 percent at Rs 875.45) all saw notable increases.
The rally comes after the Department of Food and Public Distribution permitted sugar mills and distilleries to produce ethanol from sugarcane juice, sugar syrup, B-Heavy Molasses, and C-Heavy Molasses during the Ethanol Supply Year (ESY) 2024-25, in accordance with agreements and allocations with Oil Marketing Companies (OMCs). Additionally, the government has permitted the sale of up to 23 lakh tonnes of rice from Food Corporation of India (FCI) stocks to grain-based ethanol distilleries, reversing a previously imposed ban. This decision is expected to boost ethanol production.
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