Sweetness Spreads in the Sugar Sector

Dynamic Equities | June 6, 2017, midnight

Sugar Sector saw a huge rise since the morning. The major sugar producers such as Uper Ganges Sugar, Oudh Sugar, Dwarikesh Sugar, Dalmia Bharat Sugar, KCP Sugar, Sakthi Sugar, Balrampur Chini etc were seen riding this sectoral growth.

According to a latest update, India is likely to produce surplus sugar in the period of 2017/18 as farmers have increased sugarcane growing area, said a leading industry body on Monday.

On the other hand, the country is likely to produce about 23.4 million tonnes of sugar during 2016/17, down around 7 per cent from a year ago as back to back droughts ravaged the crop in top-producing western state of Maharashtra.

The biggest consumer of sugar in the world is very unlikely to import the sweetener in the 2016/17 marketing year that started on 1st Oct, as the country have ample carry forward stocks from the last year, Abinash Verma, director general of the Indian Sugar Mills Association told reporters on the sidelines of a conference.

The fact that the country might become self dependent in production-consumption ratio was reflected very highly in the sector and it reacted positively.

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