Indian sugar stocks rise after govt announces global biofuel alliance

DWARIKESH SUGAR INDUSTRIES

11/09/2023 05:40

** Shares of Indian sugar manufacturers gain between 2.6%
and 13% 
    ** Rise after India announced launch of global biofuel
alliance at G20 summit 
    ** India advanced deadline by 5 years for doubling
nationwide ethanol blending in gasoline to 20%
    ** Ethanol is derived from sugarcane through fermentation
and is used as alternative to fossil fuels 
    ** Shares of Praj Industries   PRAJ.NS  hit record high,
rising 15.3% to 598 rupees 
    ** Shares of Shree Renuka Sugars  SRES.NS , Dwarikesh Sugar
Industries  DWAR.NS , Balrampur Chini Mills  BACH.NS , Dalmia
Bharat Sugar and Industries  DLMI.NS  rise between ~3.5% and
7.2%
    ** Volumes of  SRES.NS ,  DWAR.NS ,  BACH.NS  and  DLMI.NS 
around 0.7x-0.8x the 30-day avg as of 09:47 a.m IST, while PRAJ
volumes at 2.6x the 30-day avg 


 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com))