Sugar stocks extend fall after government restricts exports

Stocks

Analysts, however, say that 10 MT volume is a “fairly large cap” and will “help mills to export maximum amount and keep bare minimum in the country”

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Sugar stocks extended their fall for the second day on May 25, a day after the government announced restrictions on sugar exports that kick in from June 1, the latest in a string of measures to curb surging inflation.

Dwarikesh Sugar Industries dropped 8 percent, Dalmia Bharat Sugar and Industries 7 percent, Triveni Engineering & Industries 6 percent, Balrampur Chini Mills 8 percent, Avadh Sugar & Energy lost 6 percent, Shree Renuka Sugars 4 percent and Uttam Sugar was down 5 percent in the morning trade.

After the wheat export ban and hike in export duty on certain steel products, the government has said it would restrict sugar exports to 100 lakh metric tonnes (mt) to keep domestic prices in check.

Analysts said that the 10 mt was a “fairly large cap” and it would “help mills to export maximum amount and keep bare minimum in the country”.

“The government’s initiatives to rein in inflation indicate margin compression for segments like sugar, edible oil and metals but firms with pricing power can weather this storm”, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

India is the world’s biggest sugar producer and the second biggest exporter behind Brazil.

Initially, India planned to cap sugar exports at 8 million tonnes but the government later decided to allow mills to sell some more sugar after production estimates were revised upwards.

The Indian Sugar Mills Association, a producers’ body, revised its output forecast to 35.5 million tonnes, up from its previous estimate of 31 million tonnes.

(Reuters contributed this copy)

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