Sugar prices are hovering near six-year highs, leaving a bad taste in Indian consumers' palates but sweetening the portfolios of investors in related stocks at Dalal Street. Shares of sugar manufacturers such as Piccadily Agro, DCM Shriram, Magadh Sugar, and Bajaj Hindustan have rallied up to a whopping 200 per cent so far in the financial year 2024 (FY24) as deficient monsoon rains in major sugarcane producer states like Maharashtra and Karnataka are expected to lead to a shortfall in sugar output ahead. In comparison, the BSE Sensex has modestly gained 11 per cent during this period.
A number of sugar companies in India are awaiting government approval for loans from the Sugar Development Fund to set up co-generation power units or ethanol plants.
DCM Shriram Industries , too, is issuing 700,000 warrants to its promoters, Tilak Dhar and his brothers, which will raise their shareholding from 32.54 per cent to 42 per cent, though this has been challenged in the courts by shareholder Harish Bhasin, who has mounted a takeover bid on the company.
Titan, NCC, Delta Corp, Karur Vysya Bank, Aptech, and Jubilant Life Sciences are among stocks in Jhunjhunwala's portfolio that have taken a severe hit, falling more than 50 per cent during the period.
'The government is of the view that distilleries around Hapur and Bijnor would pollute groundwater in the vicinity and its spill over into the sacred Ganga. Hence, we are looking to close these distilleries to prevent them from discharging water into the open area,' said a senior UP government official.
The benchmark M-30 variety of sugar has declined by over 3 per cent in November to trade now at Rs 3,694 per quintal
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Broader market underperformed the headline indices with BSE Midcap and BSE Smallcap finishing in red
The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said.
Persistent capital inflows by domestic institutional investors and retail investors kept the markets in fine nick
Financials were the top gainers lead by private lenders ICICI Bank and HDFC Bank
Rate sensitive sectors were among the top gainers with Tata Motors and ICICI Bank leading the gains on the Sensex.
Auto stocks led the rally with Tata Motors, Hero MotoCorp and Maruti Suzuki leading the gains.
Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.8%-1%.
Bank shares were the top losers after sharp gains last week.
Markets climb higher tracking global cues.
ONGC was the top gainer which surged over 4% followed by Axis, SBI, CIL
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Sharp fall in capital goods production and manufacturing activity also dented sentiments.
In the broader markets, BSE Midcap index slipped 0.3% whereas the BSE Smallcap index inched up by 0.2%
Sensex ended strong, Tata Steel, HUL climb higher.
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