Sugar stocks witnessed a surge in early trading hours, following reports from CNBC about India’s decision to permit the export of 10 lakh metric tonnes (LMT) of sugar. The decision was reportedly finalized in a meeting held earlier today, factoring in all estimates of sugar production and current stock levels.
Key Developments:
- The formal notification regarding the sugar export will soon be issued, specifying the batches and volumes allowed for export.
- This move comes after detailed discussions to ensure domestic availability while allowing the industry to benefit from exports.
Stock Performance (as of 9:18 AM):
- Dalmia Sugar: ₹376.00 (+4.60%)
- Bajaj Hindustan: ₹30.54 (+3.95%)
- Dwarikesh Sugar: ₹52.85 (+3.91%)
- Shree Renuka Sugars: ₹39.69 (+3.55%)
- Dhampur Sugar: ₹166.94 (+3.30%)
- Avadh Sugar: ₹452.50 (+3.28%)
- Balrampur Chini: ₹508.95 (+2.60%)
- Triveni Engineering: ₹411.00 (+3.12%)
- EID Parry: ₹861.60 (+1.60%)
Implications:
The news has sparked optimism in the sugar sector, with stocks rallying across the board. Analysts suggest that this decision may improve the financial health of sugar companies by enabling them to clear inventories and capitalize on global demand.
Further updates are awaited as the government prepares to issue a formal notification detailing the export arrangements.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investors are advised to consult their financial advisor before making any investment decisions.
