Indian sugar stocks surge after report on possible rise in exports

Rana Sugars

08/03/2023 09:21

** Shares of Indian sugar manufacturers rise between 8% and
20% on Wednesday 
    ** News agency PTI reported on Monday that India can export
additional 1 mln tonnes of sugar this year if domestic output
estimates of 33.6 mln tonnes is reached, citing senior Indian
food ministry official   
    ** Indian govt. to take a call next month on allowing more
sugar exports - PTI report
    ** Shares of Uttam Sugar Mills Ltd  UTSM.NS , Ponnni Sugars
(Erode)  PONS.NS , Balrampur Chini  BACH.NS , Sree Renuka Sugars
 SRES.NS , Magadh Sugar & Energy  MGAD.NS   rise as much as
between 8.2% and 9.3%. 
    ** Shares of Dwarikesh Sugar Industries Ltd  DWAR.NS ,
Dalmia Bharat Sugar and Industries Ltd  DLMI.NS , Dhampur Sugar
Mills  DAMS.NS , Rana Sugars  RNSG.NS  and Mawana Sugars
 MAWS.NS  rise as much as between 11% and 20% 
    ** Last month, All India Sugar Trade Association lowered
sugar output forecast to 33.5 mln tonnes from its previous
forecast of 34.5 mln tonnes in the season ending Sept. 30, after
cane yields were hit by unfavourable weather
    ** India is the world's biggest sugar producer after Brazil,
mainly exporting to Indonesia, Bangladesh, Malaysia, Sudan,
Somalia and the United Arab Emirates
    

 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))