India's Dwarikesh Sugar ends higher after ethanol production update

DWARIKESH SUGAR INDUSTRIES

11/12/2023 10:37

** Shares of Dwarikesh Sugar  DWAR.NS  end 3.4% higher,
snapping a four-day losing run
    ** Sugar producer says it now produces ethanol from B heavy
molasses instead of sugarcane juice or syrup at two of its units
    ** India govt on Dec. 7 directed sugar mills to not use
sugarcane juice or syrup to produce ethanol, but allowed them to
continue ethanol production via B heavy molasses
    ** DWAR shares, which were up 2% before the update, rose to
an intraday high of 3.8%
    ** Including day's gains, stock has nearly halved losses
since govt directive to 3.7% from 6.9% on Dec. 8
    ** Stock down 17.6% so far this year, set to snap 2-year
winning run, if trend holds

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))