Sugar stocks shed initial gains in a weak market on profit taking. Bajaj Hindusthan, Balrampur Chini Mills and Shree Renuka Sugars registered losses in a volatile market. Shares of sugar companies with large operations in Uttar Pradesh gained in the morning session as Samajwadi Party (SP) was emerging as the winner in the assembly elections for Uttar Pradesh. However, the stocks could not sustain their initial gains. Leading sugar producer Bajaj Hindusthan ended 7.86 per cent lower at Rs. 33.40, while Dhampur Sugar Mills dropped by 6.42 per cent to Rs. 39.35 on the BSE. Shares of Dwarikesh Sugar lost 5.68 per cent and Oudh Sugar 6.60 per cent. The Indian Sugar Mills Association (ISMA) said “We expect that new government will formulate policies to encourage investment in the sugar sector which was almost missing in last five years.
Keywords: sugar industry