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Sugar stocks such as Balrampur Chini and Bajaj Hindustan witnessed frenzied buying on Monday, with most of them hitting the upper circuit on hopes that the Centre may soon lift the ban on sugar exports. This is in the wake of drop in wholesale price in the domestic market. Market sources said that sugar supplies availability is in excess of demand causing continuous downtrend in sugar prices. Traders expect this might lead to the Centre lifting the ban. However, some quarters offered a word of caution.

According to them, sugar mills may be in tight financial spot if sugar prices fall below their current levels amid estimates of increased sugar production. Also, no festivals are due in the near term to boost demand.

K.S. Badri Narayanan

More Stories on : Stock Markets | Stocks | Sugar | Ear to the ground

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