India's sugar stocks surge as production drops amid higher demand

Sakthi Sugars

12/04/2023 07:45

** Shares of Indian sugar manufacturers rise between 3% and
7.6%
    ** Sugar prices in India have climbed more than 6% in two
weeks and are likely to rise further, Reuters reported on
Tuesday  
    ** Prices are rising as production is likely to fall in top
producing state of Maharashtra and demand is expected to spike
during summer season due to higher consumption of cold drinks
and ice creams 
    ** Balrampur Chini Mills Ltd  BACH.NS  rises as much as 3%,
Shree Renuka Sugars Ltd  SRES.NS  climbs 4.4%, Dalmia Bharat
Sugar  DLMI.NS  gains 5.1% and Dwarikesh Sugar  DWAR.NS  adds
5.6%
    ** Higher sugar prices to improve margins of BACH, SRES,
DLMI and DWAR, helping them make cane payments on time to
farmers, sugar dealers told Reuters
    ** Uttam Sugar Mills Ltd  UTSM.NS  advances as much as 4.3%,
Sakthi Sugar Ltd  SKSG.NS  adds 7.6%, Ponni Sugars (Erode) Ltd
 PONS.NS  climbs 7.4%, and Magadh Sugar & Energy Ltd  MGAD.NS 
rises 6.2%

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