Share Market: Sugar Stocks Witness 11% Rise in Shares After Government Approves Ethanol Production

18 Dec, 2023 Author: Ayushee Joshi

Sugar Stocks News: Sugar stocks have risen dramatically. Many sugar manufacturing companies’ shares increased by 11%. On Monday, 32 shares in the sugar industry rose by up to 11%. Dhampur Sugar Mills’ shares were trading 8.22 percent higher at Rs 268.45. Bajaj Hindustan Sugar Ltd was up 9.22% at Rs 91.38, Balrampur Chini Mills was up 7.15 percent at Rs 412.05, Dwarikesh Sugar Industries was up 6.39 percent at Rs 91.38, and Indian Sarcos Ltd was up 10.65 percent at Rs 90.

Rise in Sugar Stocks

The Indian government decided to ban the use of sugarcane juice to produce ethanol for the 2023–24 supply year on December 7. The government made this decision to control sugar prices and ensure adequate supply in the domestic market, but it has since reversed its decision. The use of sugarcane juice to produce ethanol has now been approved by the central government. In the 2023-24 supply year, the government has also approved the use of B-heavy jaggery together with juice to produce green fuel. The sugar sector has experienced rapid growth as a result of this decision.