Major Sugar Stocks Drop in India

In a disappointing turn for the sugar industry, major sugar company stocks in India closed the trading day in the red, raising concerns about a potential repeat of last year's sugar shortage. This situation had previously led the government to impose restrictions on sugar exports for the 2023-24 period. Balrampur Chini Mills Ltd experienced a notable decline, losing 2.14 percent or Rs 12.40, with shares closing at Rs 566.75. Similarly, Bajaj Hindustan Sugar saw a decrease of 0.88 percent, dropping Rs 0.37 to end at Rs 41.50 per share. Triveni Engineering, one of India's largest sugar producers, also faced a downturn, with shares falling by 0.40 percent or Rs 1.80, closing at Rs 451.10. The overall trend in the market reflects growing apprehension about sugar supply, which could impact both producers and consumers alike. In contrast to the downward trend, EID Parry, owned by the Murugappa group, stood out by posting gains. The company’s shares rose by 1.38 percent or Rs 11.15, closing at Rs 819.00 per share, indicating a positive performance amidst a generally negative market environment. Current retail sugar prices remain stable, with rates at Rs 44 per kg in Delhi and Chennai, and Rs 42 per kg in Mumbai. Kolkata mirrors Delhi's pricing, suggesting consistent consumer costs despite the fluctuations in stock performance.