Sugar stocks sweeten on firm exports prospects

Shares of sugar companies traded higher on Wednesday trade in an otherwise weak broader market. Dwarikesh Sugar, Dalmia Bharat Sugar and Industries, and Triveni Engineering rallied between 4 per cent to 7 per cent.

Magadh Sugar & Energy, Rana Sugar, Uttam Sugar Mills, KM Sugar, Andhra Sugar, Mawana Sugar, and Shree Renuka Sugar were some of the other top runners in the sugar space.

According to a report by industry body Indian Sugar Mills Association (ISMA), India's sugar export is likely to touch 8.5 million tonne in the ongoing 2021-22 marketing year ending September.

The firm export outlook supported the sugar stocks.

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Also, the Centre's decision to extend, up to September 30, the timeline for disbursement of loans to sugar mills in respect of all schemes notified during 2018-2021 to facilitate project proponents to complete their projects and to avail benefits of interest subvention for ethanol production too buoyed the shares.

(With inputs from IANS)