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Shares of sugar firms surged by as much as 6% following studies from CNBC-Awaaz that the Cabinet might quickly approve a rise in ethanol costs
Sugar Stocks
Shares of sugar firms surged by as much as 6% on January 16, following studies from CNBC-Awaaz that the Cabinet might quickly approve a rise in ethanol costs. Sources revealed that the worth of B-heavy molasses may very well be raised by Rs 1.82 per litre, whereas C-heavy molasses would possibly see a rise of Rs 6.87 per litre.
As a end result, by 11:45 am on January 16, all main sugar shares had been buying and selling within the inexperienced. Praj Industries noticed a 6% rise, buying and selling at Rs 785, whereas shares of Shree Renuka rose 4%, reaching Rs 38.28. Balrampur Chini gained 2%, buying and selling at Rs 502, and Bajaj Hindusthan Sugar shares had been up practically 4%, buying and selling at Rs 29.54.
B-heavy molasses, a byproduct of sugar manufacturing, is utilized in ethanol manufacturing, whereas C-heavy molasses, derived from sugar refineries, can also be used to provide ethanol.
The authorities has set a goal to attain a 20% ethanol mixing fee by FY26, with the present ethanol mixing in petrol at 15.83%.
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