Sugar sector multibaggers have skyrocketed up to 252 per cent so far this year; do you own any of these stocks?

According to the 48th GST Council Meeting, the government announced that the goods and services tax (GST) on sugar will be reduced from 18 per cent to 5 per cent.

The domestic benchmark indices closed higher with BSE Sensex up around 467 points or 0.76 per cent at 61,806.19. All the sugar stocks fall under FMCG Index on the stock exchanges. Today, BSE FMCG Index is up 1.43 per cent at Rs 16,713.36 and the Nifty FMCG index is up 1.46 per cent to Rs 45,981.45.

India is the world's second-largest producer of sugar, after Brazil and the world's largest consumer of sugar. Today, the annual output of the Indian sugar industry is around Rs 80,000 crore. There are 732 sugar factories in the country, with a crushing capacity to produce around 339 lakh metric tonnes.

According to the 48th GST Council Meeting held on December 17, 2022, the government announced that the goods and services tax (GST) on sugar will be reduced from 18 per cent to 5 per cent and will also increase the sugar export quota for the financial year 2022-2023. The central government also sets a goal of increasing ethanol blending from 10 per cent to 20 per cent by the end of 2023, which has suddenly made sugar stocks sweeter. 

Following are the sugar stocks that gave multi-bagger returns on a YTD basis:

  Investors should keep a close eye on these stocks.