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Shares of sugar producers like Dhampur Sugar Mills Ltd , Balrampur Chini Mills Ltd, Magadh Sugar and Energy Ltd rose as the Indian Sugar Mills Association (ISMA) had on Monday lowered the country's sugar output forecast for 2018/19 to 32 million tonnes from 35-35.5 mt earlier.
It said that sugar output could drop further if more sugar gets diverted for ethanol production. Adverse weather conditions and pest infestation in three key sugarcane-growing States have forced the sugar industry to revise its production target for the current sugar season (October 2018-September 2019).
According to ISMA’s revised estimates Uttar Pradesh, Maharashtra and Karnataka would produce 121 lt (earlier 135 lt ), 108 lt (115 lt ) and 42 lt (44.2 lt ), respectively.
Dhampur Sugar Mills surged 10 per cent, Balrampur Chini Mills jumped 5 per cent, and Dalmia Bharat Sugar and Industries gained 5.4 per cent. Magadh Sugar rose nearly 5 per cent.
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