Shares of sugar majors such as Shree Renuka Sugars, EID- Parry and Mawana Sugar were up 15.53 per cent 8.18 per cent and 10 per cent, respectively in the afternoon trade. (Reuters image for representation only)
Sugar stocks remained in limelight on Tuesday after media reports stated that the government is planning to offer a subsidy of Rs 1,200 crore to farmers. Also, expectation of fall in output amid pick up in demand in spot market supported sentiments for sugar stocks.
Shares of sugar majors such as Shree Renuka Sugars, EID- Parry and Mawana Sugar were up 15.53 per cent 8.18 per cent and 10 per cent, respectively in the afternoon trade.
Uttam Sugar Mills and Simbhaoli Sugars were trading 9.93 per cent and 5.69 per cent higher (at 3.07 pm) than their previous close.
India’s sugar output is estimated to decline by 4.62 per cent to 26.8 million tonnes in the 2015-16 marketing year (October-September), says an ICRA report.
The estimate is, however, higher than the government’s projection of 26 million tonnes of sugar output this year but slightly lower than industry body ISMA’s estimate of 27 million tonnes for the same period. The country had produced 28.1 million tonnes of sugar in the 2014-15 marketing year.
(With inputs from PTI)
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