Sugar Sector saw a huge rise since the morning. The major sugar producers such as Uper Ganges Sugar, Oudh Sugar, Dwarikesh Sugar, Dalmia Bharat Sugar, KCP Sugar, Sakthi Sugar, Balrampur Chini etc were seen riding this sectoral growth.
According to a latest update, India is likely to produce surplus sugar in the period of 2017/18 as farmers have increased sugarcane growing area, said a leading industry body on Monday.
The biggest consumer of sugar in the world is very unlikely to import the sweetener in the 2016/17 marketing year that started on 1st Oct, as the country have ample carry forward stocks from the last year, Abinash Verma, director general of the Indian Sugar Mills Association told reporters on the sidelines of a conference.
The fact that the country might become self dependent in production-consumption ratio was reflected very highly in the sector and it reacted positively.
The country is likely to produce about 23.4 million tonnes of sugar during 2016/17, down around 7 per cent from a year ago as back to back droughts ravaged the crop in top-producing western state of Maharashtra.
Let’s take a look at the Top Performing Stocks
Upper Ganges Sugar share price rose almost 10 per cent since the morning. Currently the share is trading at Rs 271.50, up by 9.99 per cent. A total of 2,89,031 shares of the company have been traded on NSE for a total value of Rs 770.27 lacs.
Oudh Sugar share price rose close to 16 per cent o touch an intraday high of Rs 104.80. At 1.15 PM it is trading at Rs 103.00, up by 15.21 per cent or 13.60 points.
Dwarikesh Sugar share price is trading at Rs 294.50, up by 11.11 per cent or 29.45 points.
Dalmia Bharat Sugar share price made an intraday high of Rs 127.30 by rising almost 8 per cent and is current trading at Rs 126.10 apiece on NSE.
KCP Sugar share price is trading at Rs 29.10 apiece on NSE, up by 3.93 per cent.
Sakthi Sugar share price rose over 7 per cent to make a daily high of Rs 34.10. It is currently trading at Rs 32.90 on NSE, up by 6.82 per cent.
Balrampur Chini is another top performing sugar stock. Balrampur Chini share price is currently trading at Rs 120.40, up by 3.57 per cent.
Mawana Sugar share price rose almost 7 per cent and is currently trading at Rs 44.70 apiece on NSE.
The market will be eager to see if the Friday sweetness of the sector is carry forwarded to Monday.
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