Sugar shares extend rally; Dhampur Sugar surges 30% in two days

By Editor News
Shares of sugar companies are trading higher for the second straight day after commodity prices have jumped 24% in the past two months on expectations of improved demand during the festival season in the domestic market and on global forecasts of shortage during the next crushing season.

Dhampur Sugar Mills, Shree Renuka Sugars, Bajaj Hindustan Sugar, Balrampur Chini Mills, Sakthi Sugars, Dwarikesh Sugar Industries, Thiru Arooran Sugars, Dalmia Bharat Sugar and Industries were trading higher in the range of 5% to 20% on the BSE. Most these stocks had gained up 16% on Tuesday.

According to Business Standard reports, Global tracking agencies have forecast sugar supply to be deficient in 2015-16. The International Sugar Organisation has forecast a deficit of 2.5 million tonnes and the US Department of Agriculture reckons the shortage will be 3.8 million tones.

India, too, has cut its production forecast to 27 million tonnes in 2015-16, 2 per cent lower than last year, added report.

Shree Renuka stock price
On October 07, 2015, at 11:40 hrs Shree Renuka Sugars was quoting at Rs 9.90, up Rs 1.33, or 15.52 percent. The 52-week high of the share was Rs 20.40 and the 52-week low was Rs 7.03.

The latest book value of the company is Rs 16.56 per share. At current value, the price-to-book value of the company was 0.60.

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