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Shares of sugar companies rallied on the bourses today as global sugar futures witnessed a significant rally amid ongoing concerns over the disruption of supplies from Brazil, the world’s largest producer and exporter of the sweetener.
While Shree Renuka Sugars ended 10.26 per cent higher at Rs 21.50, Bajaj Hindusthan was up 3.74 per cent to Rs 14.72 on the BSE.
Mawana Sugars jumped 7.81 per cent, Oudh Sugar Mills rallied 5.71 per cent.
Dhampur Sugar Mills rose by 3.27 per cent, Sakthi Sugars by 9.99 per cent and Dwarikesh Sugar Industries by 10.62 per cent.
Global sugar futures prices are trading near the strongest level since October 2012 as ongoing concerns over a disruption to supplies from Brazil continued to drive prices higher.
According to market experts, the rally in the sugar counter was mainly due to the fact that as sugar shipments from Brazil have been hampered, domestic sugar companies could export more sugar.
The rally in the sugar counter assumes significance as the broader market settled for the day in the negative territory as the 30—share benchmark index Sensex ended the day with losses of 28.92 points, down 0.14 per cent.
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