Sugar stocks turned red on February 22nd, 2024, after the Government announced a hike of nearly 8 percent in the Fair and Remunerative Price (FRP) of sugarcane from Rs 315 per quintal to Rs 340 per quintal for the 2024-25 season. The revised FRP will be applicable from October 1st, 2024.
The overall sugar production in 2023-24 is expected to see a downfall because of lower rainfall further leading to lesser sugarcane plantations this year.
Listed below are five stocks associated with the ‘Sugar’ sector that faced sluggish stock price movement today post the abovementioned announcement:
Dalmia Bharat Sugar and Industries Limited
With a market capitalization of Rs 3,273.19 crores, the stocks of Dalmia Bharat Sugar and Industries Limited opened their trading hour on Thursday at Rs 414.25 and currently trade at Rs 404.40, slipping approximately 1 percent as compared to the previous closing levels of Rs 407.85 apiece.
As per the latest data available, the company’s total sugar production capacity stands at 37,150 tons per day.
E I D-Parry (India) Limited
With a market capitalization of Rs 11,191.60 crores, the stocks of E I D-Parry (India) Limited opened their trading hour on Thursday at Rs 639.20 and currently trade at Rs 630.45, slipping approximately 1.40 percent as compared to the previous closing levels of Rs 639.25 apiece.
As per the latest data available, the company’s total sugar production capacity stands at 40,300 metric tons per day.
Shree Renuka Sugars Limited
With a market capitalization of Rs 10,397.67 crores, the stocks of Shree Renuka Sugars Limited opened their trading hour on Thursday at Rs 49.94 and currently trade at Rs 48.85, slipping approximately 1.70 percent as compared to the previous closing levels of Rs 49.70 apiece. As per the latest data available, the company’s total sugar refining capacity stands at 4,000 tons per day.
Bannari Amman Sugars Limited
With a market capitalization of Rs 3,324.34 crores, the stocks of Bannari Amman Sugars Limited opened their trading hour on Thursday at Rs 2,725 and currently trade at Rs 2,651.05, slipping approximately 2 percent as compared to the previous closing levels of Rs 2,703.05 apiece.
As per the latest data available, the company’s total sugar production capacity stands at 23,700 metric tons per day.
Bajaj Hindusthan Sugar Limited
With a market capitalization of Rs 4,758.17 crores, the stocks of Bajaj Hindusthan Sugar Limited opened their trading hour on Thursday at Rs 38.29 and currently trade at Rs 37.25, slipping approximately 3.20 percent as compared to the previous closing levels of Rs 38.45 apiece.
As per the latest data available, the company’s total sugar production capacity stands at 500,000 metric tonnes annually.
Written by Amit Madnani
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