Indian sugar stocks jump on possible surge in global prices

Triveni Engineering and Industries

16/11/2022 06:39

** Shares of Indian sugar companies rise as much as between
3.1% and 8% after a report says mills have been renegotiating
and defaulting on export deals
    ** Renegotiations and defaults by mills in India, the
world's second biggest sugar exporter, could support global
prices 
    ** Triveni Engineering and Industries Ltd  TREI.NS  and
Uttam Sugar Mills Ltd  UTSM.NS  jump as much as 3.1% and 3.5%,
respectively
        ** Dalmia Bharat Sugar and Industries  DLMI.NS , Shree
Renuka Sugars Ltd  SRES.NS , Dwarikesh Sugar Industries Ltd
 DWAR.NS  and Dhampur Sugar Mills Ltd  DAMS.NS  up between 4.4%
and 8%
    ** Raw sugar futures on ICE hit a seven-month peak on
Tuesday after the report  SBc1 
    ** Indian sugar mills have been renegotiating global
contracts as prices jumped, Reuters reported
    ** The country exports sugar mainly to Indonesia,
Bangladesh, Iraq, Malaysia, United Arab Emirates, and African
countries
 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))