 "Conditions for sugar mills to avail subsidy eased")
Shares of sugar companies were trading higher by up to 12% on the bourses as sugar prices touched three-year highs due to strong demand from bulk consumers for the festive season amid millers selling at higher levels.
Riga Sugar has rallied 12% to Rs 28 on the BSE. Mawana Sugars, Dhampure Speciality Sugars, Dwarikesh Sugar Industries, Dharani Sugars, Simbhaoli Sugars, Thiru Arooran Sugars, Dhampur Sugar and Oudh Sugar are among few, up between 5% and 9% on the BSE. At 11:49 am, the S&P BSE Sensex was up 1.2% at 28,747 points.
On Thursday, September 15, sugar ready M-30 and S-30 prices spurted by Rs 50 each to end at Rs 3,950-4,150 and Rs 3,940-4,140 per quintal, the PTI report suggests.
According to CARE rating, the Indian Sugar Industry (ISI) is now exhibiting signs of complete turnaround with surging sugar prices and depletion in buffer sugar stocks due to decrease in global as well as domestic production and steady growth in sugar consumption.
The sugar price started picking up from September 2015 and since then it has been on a continuous uptrend. In August 2016, sugar price prevailed at Rs 37.86/kg in wholesale market and crossed the price level of Rs 40/kg in the retail market.
CARE expects stable outlook for industry in medium-term on the back of favourable developments in SS15-16, envisaged scenario of consumption outpacing production for SS2016-17 and supportive measures by the government.
Riga Sugar has rallied 12% to Rs 28 on the BSE. Mawana Sugars, Dhampure Speciality Sugars, Dwarikesh Sugar Industries, Dharani Sugars, Simbhaoli Sugars, Thiru Arooran Sugars, Dhampur Sugar and Oudh Sugar are among few, up between 5% and 9% on the BSE. At 11:49 am, the S&P BSE Sensex was up 1.2% at 28,747 points.
On Thursday, September 15, sugar ready M-30 and S-30 prices spurted by Rs 50 each to end at Rs 3,950-4,150 and Rs 3,940-4,140 per quintal, the PTI report suggests.
According to CARE rating, the Indian Sugar Industry (ISI) is now exhibiting signs of complete turnaround with surging sugar prices and depletion in buffer sugar stocks due to decrease in global as well as domestic production and steady growth in sugar consumption.
The sugar price started picking up from September 2015 and since then it has been on a continuous uptrend. In August 2016, sugar price prevailed at Rs 37.86/kg in wholesale market and crossed the price level of Rs 40/kg in the retail market.
CARE expects stable outlook for industry in medium-term on the back of favourable developments in SS15-16, envisaged scenario of consumption outpacing production for SS2016-17 and supportive measures by the government.
However, continuation of the government policies to regulate sugar sector and actual global as well as domestic production-consumption patterns would be crucial for ISI during SS16-17, the rating agency said in a report.
| COMPANY | LATEST | PREV CLOSE | GAIN(%) |
| RIGA SUGAR | 28.00 | 25.10 | 11.55 |
| EMPEE SUGARS | 6.88 | 6.25 | 10.08 |
| MAWANA SUGARS | 56.75 | 52.05 | 9.03 |
| DHAMPUR.SPL.SUG. | 17.00 | 15.60 | 8.97 |
| KESAR ENTERPRISE | 50.00 | 46.05 | 8.58 |
| DWARIKESH SUGAR | 262.25 | 242.15 | 8.30 |
| KCP SUGAR &INDS. | 33.30 | 30.95 | 7.59 |
| THIRU AROOR. SU. | 71.00 | 66.10 | 7.41 |
| SIMBHAOLI SUGAR | 32.90 | 30.80 | 6.82 |
| DHARANI SUGARS | 35.25 | 33.10 | 6.50 |
| DALMIA BHARAT | 115.75 | 108.80 | 6.39 |
| BALRAMPUR CHINI | 108.75 | 102.40 | 6.20 |
| DHAMPUR SUGAR | 121.10 | 114.45 | 5.81 |
| UPPER GANG. SUG. | 424.80 | 401.55 | 5.79 |
| SAKTHI SUGARS | 40.75 | 38.65 | 5.43 |
| DCM SHRIRAM INDS | 204.00 | 193.70 | 5.32 |
| KM SUGAR MILLS | 13.50 | 12.85 | 5.06 |
| RANA SUGARS | 10.31 | 9.82 | 4.99 |
| UGAR SUGAR WORKS | 40.00 | 38.10 | 4.99 |
