Sugar stocks surge by 1.5-3 pct

Mar 23 2011, 11:43 IST
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SummaryShares of sugar manufacturers were trading higher after the govt allowed 500,000 tonnes of exports.

Shares of sugar manufacturers were trading higher for the second consecutive day after the government allowed 500,000 tonnes of sugar exports, several dealers said. Shares were up on Tuesday ahead of a ministerial panel meet to decide on exports. India said on Tuesday it would allow 500,000 tonnes of sugar exports. . However, analysts say the outlook remains cautious though the move was positive. "We expect this news flow to have a sentimentally positive impact on sugar stocks as it eases growing concerns over oversupply situation and further correction in domestic sugar prices. We remain cautious on domestic sugar stocks on expected oversupply scenario in domestic markets over next 12-18 months," JM Financial said in a note. At 10.36 a.m., shares of Shree Renuka Sugars , Bajaj Hindusthan , Simbhaoli Sugars and Balrampur Chini Mills were trading 1.5 to 3 per cent higher.

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