Stock Market
Sweet surge on Dalal Street! Sugar stocks soar as government’s export push fuels massive rally
Mumbai/IBNS: The sugar shares on Monday rallied after the central government approved export of around 1.5 million tonnes of sugar for the 2025-26 season, and removal of the 50 percent export duty on molasses.
The season runs from October-September.
Union Food Minister Pralhad Joshi said this in a letter to Karnataka Chief Minister Siddaramaiah on November 7.
"For the current sugar season also, the central government has decided to allow the export of 15 lakh tonnes of sugar, and the 50% export duty on molasses has been removed," Joshi said as quoted by Business Today.
Joshi said the decision of exporting is aimed at supporting sugar mills and cane farmers who are facing weak diversion into ethanol and elevant production levels, the daily said.
The policy announcement has triggered a rise in the prices of sugar stocks.
On NSE, Balrampur Chini Mills rose 6.33% to Rs. 459.95, Shree Renuka Sugars spiked 5 percent to Rs. 29.90, Dalmia Bharat Sugar & Industries increased 4 percent to Rs. 331 and Triveni Engineering and Industries rose 2 percent to Rs. 370.
Among others, Dhampur Sugar Mills, Dwarikesh Sugar Industries and Bajaj Hindusthan Sugar rose at around 3-6 percent.
Smaller sugar companies have also gained.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
