Mumbai: Increase in the global prices of sugar and boost to ethanol blending resulted in the rallying of stocks of sugar companies on Monday. The shares of sugar companies witnessed a sharp rise up to 20 per cent
Bajaj Hindusthan ended at 20 per cent upper circuit, at a 52-week high.
Dhampur Sugar Mills, Dwarikesh Sugar Industries and Uttam Sugar Mills surged over 19 per cent each while Shree Renuka Sugars ended locked in the 10 per cent upper circuit.
The world’s top sugar producer has witnessed 35% lower sugar output in April compared with the same period during last year as less number of mills have started crushing operations. Analysts said Brazi’s loss could be India’s gain.