Renuka Sugars, EID Parry to Balrampur Chini: Why sugar stocks no more sweet now?

Market


Stock market today: Post-stellar returns in FY22, sugar stocks are continuously under the sell-off pressure after ushering into new financial year. In last one month, Shree Renuka Sugars share price has corrected around 16.50 per cent. In last one month, Balrampur Chini share price has went down to the tune of 18.50 per cent, Triveni Engineering stocks have tumbled more than 21 per cent while EID Parry went down near 6 per cent in this period.

Here we list out how leading sugar stocks have performed in last one month:

1] Triveni Engineering: Share price of sugar major has tumbled from around 338 to 266, logging around 21 per cent dip in last one month. In last one week, Triveni Engineering sugar price has corrected around 7 per cent.

2] Balrampur Chini Mills: Shares of this sugar stock has tumbled from around 483 to 393 apiece levels, descending around 18.50 per cent in this period. In last one week, it has gone down from near 408 to 393, logging around 4 per cent dip in this period.

3] Shree Renuka Sugars: Share price of this multibagger stock has gone downside from near 53 to 44 apiece levels in last one month, descending around 16 per cent in this period. In last one week, Renuka Sugar share price has corrected around 10 per cent. However, even after such sell-off trigger, it is one of the multibagger stocks in 2021 as it has delivered 200 per cent return in last one year.

4] Dhampur Sugar Mills: Shares of the sugar stock has hit lower circuit today. In last one week, Dhampur Sugar shares have corrected around 36 per cent whereas in last one month, it has gone down to the tune of 44 per cent.

5] Dalmia Bharat Sugar And Industries: This sugar stock has tumbled more than 10 per cent in last one week whereas in last one month it has slipped from around 530 to 385 levels, logging more than 27 per cent correction in this period.

Other sugar majors like EID Parry, Dwarikesh Sugar Industries, Avadh Sugar & Energy and Bajaj Hindusthan Sugar have lost heavily in recent trade session, especially in last one month.

Meanwhile Reuters has reported that India plans to restrict sugar exports for the first time in six years to prevent a surge in domestic prices and could cap this season’s exports at 8 million tonnes – still a record level.

As per the Indian Sugar Mills Association (ISMA) estimates, Indian mills have already signed contracts to ship 7.2 million tonnes of sugar overseas. So, in rest of the sugar market period (October to September), overseas revenue is expected to remain at bay as there is only 0.80 million tonne of export limit is left whereas around four and half months are still left in the sugar marketing cycle.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.



Source link

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments