Despite the market deterioration, these sugar stocks soared and were in a sweet spot on Friday! Here's why!
India's determination to promote biofuel use has resulted in a tremendous growth in ethanol output during the previous five years, which is still on-going.
Indian headline indices tumbled on Friday, mirroring the majority of global indices, following the Federal Reserve's 50-basis-point interest rate hike. Despite a sluggish session, the majority of sugar stocks climbed after the government stated that the sugar export quota for the year 2022-23 would be increased.
Here is a list of sugar stocks that drew attention from investors during a dismal session on Friday:
| Stock Name |
LTP |
Change (%) |
| Sakthi Sugars |
28.8 |
20 |
| Simbhaoli Sugars |
28.2 |
20 |
| Ugar Sugar Works |
101.5 |
16.87 |
| KCP Sugar and Industries |
29.2 |
14.73 |
| Bajaj Hindusthan Sugar |
17.18 |
9.99 |
| Uttam Sugar Mills |
278.15 |
5.76 |
| Dhampur Sugar Mills |
234.2 |
5.5 |
| Dalmia Bharat Sugar |
367.15 |
5.43 |
| Dwarikesh Sugar Industries |
102.15 |
4.66 |
| Shree Renuka Sugars |
59.5 |
3.48 |
| Balrampur Chini Mills |
394.7 |
2.48 |
The sugar industry in India is a significant agro-based industry. After Brazil, India is the world's second-largest producer of sugar and is also the biggest consumer.
India's determination to promote biofuel use has resulted in a tremendous growth in ethanol output during the previous five years, which is still on-going. The demand for ethanol is keeping up and is expected to rise further as the country strives for 'energy independence.'
India has the capacity to manufacture an adequate amount of sugar. The government urged sugar producers in October 2021 to shift excess sugar cane stock into the production of ethanol, which can be combined with petrol and used as fuel in vehicles. Furthermore, this is an excellent answer to the country's problem of excess sugar production.
Keep a close eye on these stocks for the upcoming sessions!