Renuka, EID Parry: Sugar stocks to sweeten as global prices hit 11 yr-high

Domestic sugar stocks may rally up to 25 per cent after crossing key hurdles

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Domestic sugar stocks are expected to rally amid international price reaching 11-year high

Avdhut Bagkar Mumbai

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Shares of domestic sugar companies will be in limelight, after US Sugar #11 futures hit 7-year high and London sugar futures crossed the 11-year mark on fear of tighter global supply.

Simbhaoli Sugars was the top gainer, closing over 14 per cent on Wednesday. The majority of sugar companies closed on strong note, surging in the range of 5 per cent to 2 per cent. Balrampur Chini Mills reached a 10th month high on Wednesday.

Historically, in commodity market, whenever international prices make significant moves, the domestic markets tend to follow similar trend. Now, when overseas prices are soaring to major highs, this may trigger favourable rally back home. 

First Published: Apr 13 2023 | 11:44 AM IST

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