Sugar stocks sweeten as government considering increasing ethanol price, sugar MSP
Sugar stocks are buzzing in the markets after the Food Minister Pralhad Joshi said the government is considering increasing the ethanol price for 2024-25 season as well as minimum selling price (MSP) of sugar, which remains unchanged at Rs 31 per kg, a rate established in February 2019. The proposal on hiking the ethanol price is under consideration of the government. Ethanol prices, fixed by the government, have not been hiked since the 2022-23 ethanol supply year (November-October).
Shree Renuka Sugars is currently trading at Rs. 51.81, up by 3.69 points or 7.67% from its previous closing of Rs. 48.12 on the BSE.
Balrampur Chini Mills is currently trading at Rs. 658.15, up by 45.65 points or 7.45% from its previous closing of Rs. 612.50 on the BSE.
Bajaj Hindusthan Sugar is currently trading at Rs. 42.91, up by 2.90 points or 7.25% from its previous closing of Rs. 40.01 on the BSE.
