Financial Daily from THE HINDU group of publications
Wednesday, Apr 14, 2004
Financial Daily from THE HINDU group of publications Wednesday, Apr 14, 2004 |
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Industry & Economy
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Sugar Markets - Stock Markets Sugar companies shares on rise Our Bureau
Mumbai , April 13 THE shares of most of the sugar companies are on fire over the last few days due to the rise in sugar price this month. Brokers said there has been across-the-board buying in most of the sugar companies' shares on expectation of shortfall in production this year. Some of the companies whose shares are on rise include — Balrampur Chini Mills, Dhampur Sugar, Sakthi Sugars. The stock price of these companies closed higher today also. For instance, Dhampur Sugar closed at Rs 36.45, up 8.97 per cent on BSE. Sakthi Sugar closed at Rs 33.60 up 2.60 per cent, Balram Chinni Mills closed at Rs 380.15, up 0.94 per cent. Other companies whose stock price gained included Thiru Arooran Sugar (up 8.06 per cent at Rs 44.25), Rajashree Sugar (up 5.92 per cent at Rs 29.50). Brokers said the sugar price have increased by around 5 per cent in April. "Normally sugar prices do not increase during this month and the rise indicate good prospects for sugar companies," said a broker. According to industry experts, the sugar prices have increased due to scarcity of the commodity. This is due to drought in various parts of Maharashtra, Karnataka and Tamil Nadu. Experts said prices are likely to remain firm in later part of the year due to the poor crop this year. Another factor for the interest in sugar companies' shares is the expectation of increased demand for ethanol (made using by-products during sugar production). There has been increased demand for ethanol for using the chemical to mix with petrol. "
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