Major sugar company stocks in the country ended the day's trade in the red. This development by some is attributed to a potential repeat of the shortage of the essential material in the market, which affected the market and its supply to customer last year as well.
Sugar Shares Decline On Friday
The sugar shortage had in fact resulted in the government not allowing sugar exports in the 2023-24. This was a part of the larger shortage experienced throughout the globe last season.
Balrampur Chini Mills Ltd lost 2.14 per cent or Rs 12.40, with the Kolkata-based company closing at the low of Rs 566.75 per share.
The Bajaj group's Bajaj Hindustan Sugar also dropped by 0.88 per cent or Rs 0.37. This took the overall value of Bajaj Hindustan Sugar's shares to Rs 41.50 per share.
Another major sugar stock, Shree Renuka Sugars Ltd also closed with loses of over 1 per cent. At the end of the day's trade, the company's shares dropped to Rs 47.25, declining by 1.46 per cent or Rs 0.70.
The UP-based Triveni Engineering, which is one of the biggest sugar companies in India, also ended the day's trade in red, on Rs 451.10 per share. The company's share declined by 0.40 per cent or Rs 1.80.
EID Parry Stands Out
Interestingly, one of the largest sugar companies, the Murugappa group-owned EID Parry travelled in a different direction, as the company ended the day in green. The company shares gained 1.38 per cent or Rs 11.15, closing for the day on Rs 819.00 per share.
The current retail rate for sugar stands at Rs 44 per kg in Delhi. In Mumbai, the prices stood at Rs 42 per kg. The retail price stood at Rs 44 in Chennai and Kolkata as well.
