Money on the markets
A maturing market amid the mayhem
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 of sugar manufacturers, pressured by weak prices, registered a fall of 1-3 percent on Wednesday.
A newspaper reported on its website that sugar prices have declined 22 percent since January and this would not only hurt margins but also the growth prospects.