The stock market today: After a fantastic return during FY22, sugar shares are continuously under selling pressure after starting the new financial year. Over the past month, Shree Renuka Sugar’s share price has been corrected around 16.50 percent. Over the past month, Balrampur Chini’s share price has fallen to 18.50 percent, Triveni Engineering’s shares have fallen by more than 21 percent while EID Parry has fallen close to 6 percent during this period.
Here we list how leading sugar stocks have performed over the past month:
1]Triveni Engineering: The share price of sugar major has fallen from around ₹338 more ₹266, with a decline of about 21 percent over the past month. Over the past week, Triveni Engineering’s sugar price has been corrected by about 7 percent.
2]Balrampur Chini Mills: Shares of this sugar stock have fallen from around ₹483 more ₹393 levels each, falling around 18.50 percent during this period. In the last week, it has gone down from close range ₹408 more ₹393, with a decline of about 4 percent during this period.
3]Shree Renuka sugars: The share price of this multibagger share has gone down from close range ₹53 more ₹44 levels each in the last month, falling around 16 percent during this period. In the past week, Renuka Sugar’s share price has been corrected by about 10 percent. But even after such a triggering sale, it is one of the multibagger shares in 2021 because it has delivered a 200 percent return over the past year.
4]Dhampur Sugar Mills: Shares in the sugar share have reached a lower circle today. In the past week, the Dhampur Sugar share has been corrected by about 36 percent, while in the past month it has fallen to 44 percent.
5]Dalmia Bharat Sugar And Industries: This sugar stock has fallen more than 10 percent in the last week, while in the last month it has fallen from approx. ₹530 more ₹385 levels, logs more than 27 percent correction during this period.
Other sugar companies such as EID Parry, Dwarikesh Sugar Industries, Avadh Sugar & Energy and Bajaj Hindusthan Sugar have lost heavily during the last trading session, especially during the last month.
At the same time, Reuters has reported that India plans to restrict sugar exports for the first time in six years to prevent a rise in domestic prices and could limit this season’s exports to 8 million tonnes – still a record level.
According to Indian Sugar Mills Associations (ISMA) estimates, Indian mills have already signed contracts to transport 7.2 million tons of sugar abroad. So for the rest of the sugar market period (October to September), foreign revenues are expected to remain in check as there is only 0.80 million tonnes of export limit left while about four and a half months remain of the sugar marketing cycle.