Shares of sugar production companies fell on Thursday, after reports that India was mulling a curb on ethanol production from sugarcane, as it grapples with sugar shortage.
India, world's second largest sugar producer, is going over a proposal to limit sugar cane's usage to make the biofuel, a Bloomberg report said. However, no decision has been made yet, and plans may change.
If the proposal is approved, it could help ease local shortage. The Directorate General of Foreign Trade had restricted exports of raw, white and refined sugar in October 2022. Although the restriction was supposed to be lifted on Oct. 31, 2023, it was extended as weak monsoons affected sugar crops.
Stock Movement
Dalmia Bharat Sugar and Industries Ltd. was the top loser among peers, with the stock falling 6.14%. Bajaj Hindusthan Sugar Ltd. was the second worst performing stock, declining 5.95%.
Shares of Shree Renuka Sugars Ltd. and Balrampur Chini Mills Ltd. were down 4.05% and 5.08%, respectively.
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