Stock market today: Sugar stocks have been under selling pressure since the beginning of the new financial year, despite excellent results in FY22. Shree Renuka Sugars’ stock price has dropped 16.50 percent in the previous month. Balrampur Chini’s stock has down 18.50% in the last month, Triveni Engineering’s stock has dropped more than 21%, and EID Parry’s stock has dropped over 6%.
Here we list out how leading sugar stocks have performed in last one month:
The sugar giant’s stock has dropped from roughly Rs 338 to 266, a drop of around 21% in the previous month. Triveni Engineering’s sugar price has dropped by almost 7% in the recent week.
Balrampur Chini Mills:
The price of this sugar stock has dropped from roughly ₹483 to ₹393 per share, a drop of around 18.50 percent. It has dropped from approximately 408 to 393, a drop of roughly 4% in the previous week.
Shree Renuka Sugars:
In the previous month, the price of this multibagger stock has dropped from approximately 53 to 44 apiece, a drop of roughly 16 percent. Renuka Sugar’s stock price has dropped roughly 10% in the previous week. Even with such a sell-off trigger, it remains one of the multibagger stocks in 2021, having returned 200 percent in the previous year.
Dhampur Sugar Mills:
Today, shares of the sugar company have fallen. Dhampur Sugar shares have corrected roughly 36% in the previous week, while they have dropped by 44% in the last month.
Dalmia Bharat Sugar And Industries:
This sugar stock has down more than 10% in the previous week, and has dropped more than 27% in the last month, from approximately 530 to 385 levels.
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EID Parry, Dwarikesh Sugar Industries, Avadh Sugar & Energy, and Bajaj Hindusthan Sugar have all suffered significant losses in recent trading sessions, particularly in the last month.
Meanwhile, according to Reuters, India aims to limit sugar exports for the first time in six years to prevent a spike in local prices, with this season’s shipments perhaps capped at 8 million tonnes, still a record high.
Indian sugar mills have already inked contracts to transport 7.2 million tonnes of sugar overseas, according to the Indian Sugar Mills Association (ISMA). So, for the remainder of the sugar market time (October to September), abroad revenue is projected to be limited, as there is only 0.80 million tonne of export restriction left, and the sugar marketing cycle is still four and a half months long.