Sugar stocks are in high demand and are trading at high prices today. Triveni Engineering & Industries share price hit at Rs 239.00 per unit with 14.60 points and by 6.49 per cent today on, 4 January 2022 (01:35 PM IST).
On the other hand, Balrampur Chini Mills’ share price hit at Rs 403.80 per unit with 29.6 points and it surged by 7.89% which is comparatively higher than in the month of October. On October 25, 2021, the share price was Rs 300.8 per unit. EID Parry (India) has also witnessed a rise in stocks. Today its share price went up to Rs 480.35 with an increase of 24.75 points and 5.46%.
In past one year, the sugar industry has seen a significant reduction in sugar inventory with an increasing shift towards ethanol, resulting in high sugar prices. This season the sugar prices are expected to rise by 16-17%.
“With expected sugar production of 31 million tonnes (after the 3.4 million tonnes equivalent diversion towards ethanol), 27 million tonnes of consumption & 6 million tonnes of exports, sugar inventories are likely to come down from 8 million tonnes to 6 million tonnes. This would result in uptick in domestic sugar prices towards Rs 38/ kg in next 3-4 months”, ICICI Securities said in a note.
