Stock Update: Shree Renuka Sugars, Balrampur Chini Mills and Dhampur Sugar Mills surge upto 7% as government mulls hike in sugar prices

Shares of major sugar companies, including Shree Renuka Sugars, Balrampur Chini Mills, and Dhampur Sugar Mills, surged by up to 7% on September 28, 2024. The rise came after Food Minister Pralhad Joshi announced that the government is considering increasing ethanol prices and the minimum selling price (MSP) of sugar for the upcoming 2024-25 season.

The minister highlighted that a committee of secretaries is discussing a proposal to raise the MSP of sugar, which has remained at ₹31 per kg since February 2019. Joshi expressed confidence in the upcoming season’s sugar production, attributing it to favorable monsoon conditions. Furthermore, the government will decide on sugar exports after assessing next year’s production and availability.

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By 11:05 am, the stock prices of the sugar companies were trading as follows:

  • Shree Renuka Sugars: 6.34% higher at ₹51.17
  • Balrampur Chini Mills: 6.14% higher at ₹650.35
  • Dhampur Sugar Mills: 4.48% higher at ₹229.24

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