Money on the markets
A maturing market amid the mayhem
Sugar companies end higher
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A worker carries a sack of sugar at a food warehouse in Mumbai July 11, 2008. REUTERS/Arko Datta/Files
Shares of sugar producers traded higher on Tuesday after industry sources said the government is likely to allow 200,000 tonnes of sugar exports — less than half a million tonnes permitted earlier.
The marked difference between domestic and international sugar prices and a likely positive impact on margins are lifting sentiment.
Shree Renuka Sugars ended 3 percent higher with Bajaj Hindusthan 2.5 percent, Simbhaoli Sugars 2.4 percent and Balrampur Chini Mills up 1.7 percent.
Shares in Renuka Sugars have dropped over 25 percent while that of Balrampur Chini have slipped over 18 percent so far this year.
Do you think sugar companies will be able to recoup losses as higher domestic prices will pressure margins?
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