 "Sugar stocks hit 52-week highs in weak market")
Shares of sugar companies were trading higher by up to 10% on the bourses, extending their Friday’s gain, in an otherwise weak market.
Thiru Arooran Sugars, Oudh Sugar Mills, Dalmia Bharat Sugar, Sakthi Sugars, Dharani Sugars, KCP Sugars & Industries and Mawana Sugars were up 5%-10% on the BSE.
Balarampur Chinni Mills, Shree Renuka Sugars and Bajaj Hindustan were up between 1%-2% as compared to 0.75% decline in the S&P BSE Sensex at 12:12 p.m.
Around 16 sugar stocks including Balarampur Chinni Mills, Dalmia Bharat Sugar, Dhampur Sugar Mills, Dwarikesh Sugar Industries, Oudh Sugar Mills and Sakthi Sugars are trading at their 52-week highs on the BSE.
According to Business Standard reports, the state advised price (SAP) of sugarcane in Uttar Pradesh is expected to be announced by the Akhilesh Yadav government in current week. CLICK HERE TO READ FULL REPORT.
Shares of Thiru Arooran Sugars are locked in upper circuit of 10% at Rs 54.30 on the BSE. Since January 6, the stock rallied 25% from Rs 45 after the company said that it has received USD 35.35 million equivalent to Rs 232 crore as advance against export of sugar over the next 8 years.
The advance received has been primarily used for repayment of the credit facilities availed by the company from various banks. The advance carries interest as per extant Reserve Bank of India (RBI) guidelines and is expected to reduce the financing costs of the company, it added.
Thiru Arooran Sugars, Oudh Sugar Mills, Dalmia Bharat Sugar, Sakthi Sugars, Dharani Sugars, KCP Sugars & Industries and Mawana Sugars were up 5%-10% on the BSE.
Balarampur Chinni Mills, Shree Renuka Sugars and Bajaj Hindustan were up between 1%-2% as compared to 0.75% decline in the S&P BSE Sensex at 12:12 p.m.
Around 16 sugar stocks including Balarampur Chinni Mills, Dalmia Bharat Sugar, Dhampur Sugar Mills, Dwarikesh Sugar Industries, Oudh Sugar Mills and Sakthi Sugars are trading at their 52-week highs on the BSE.
According to Business Standard reports, the state advised price (SAP) of sugarcane in Uttar Pradesh is expected to be announced by the Akhilesh Yadav government in current week. CLICK HERE TO READ FULL REPORT.
Shares of Thiru Arooran Sugars are locked in upper circuit of 10% at Rs 54.30 on the BSE. Since January 6, the stock rallied 25% from Rs 45 after the company said that it has received USD 35.35 million equivalent to Rs 232 crore as advance against export of sugar over the next 8 years.
The advance received has been primarily used for repayment of the credit facilities availed by the company from various banks. The advance carries interest as per extant Reserve Bank of India (RBI) guidelines and is expected to reduce the financing costs of the company, it added.
