Shares of sugar companies, including Balrampur Chini Mills, Dhampur Sugar, Dalmia Bharat, Shree Renuka Sugars and EID Parry, rallied up to 7% after raw sugar prices climbed to a one-year high of 16.6 cents per pound, while white sugar prices rose to their highest level in 15 months. In India, sugar prices surged nearly 10% over the past month amid growing concerns over crop prospects in key producing regions.
Domestic sugar prices in Mumbai are currently quoted at Rs 5,000-5,090 per quintal. Traders said deficient rainfall has further added a premium to prices, strengthening the bullish sentiment ahead of the upcoming festival demand season.
