Sugar stocks are performing well since the government advanced the ethanol blending target from 2030 to 2025.
Shares of Shree Renuka Sugars were locked in the upper circuit of 5 per cent for the sixth straight trading day, at Rs 35.75, after the company said its board has approved capacity expansion of ethanol production.
The sugar companies in India are all set to enhance their ethanol production capacity with many of them have started announcing capital expenditure for the same. Shree Renuka Sugar will be investing Rs 450 crore to expand its ethanol capacity, said the company on Saturday.
The company in a regulatory filing informed that its board has approved the expansion plan of increasing capacity to 1,400-kilo litre per day.