Sugar stocks rise on buzz that government may divert more sweetener for ethanol

Balrampur Chini Mills shot up 2 percent from the previous close to trade at Rs 393

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A host of sugar stocks rose in trade just minutes shy of market close on April 9 after Bloomberg reported that the Indian government may divert more sugar to produce ethanol.

Balrampur Chini Mills closed at Rs 392, up nearly 2 percent from the previous close. Shree Renuka Sugars and Dhampur Sugar Mills climbed 7 percent and 2 percent, respectively.

Bloomberg reported citing sources that the government is considering a proposal that will permit factories to use extra 800,000 tons of sugar for biofuel this year due to the crop being higher than earlier prediction.

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The government had already allocated 1.7 million tons earlier for this purpose.

The move is expected to benefit the sugar mills and ethanol distilleries in the country. It would also support the global sugar prices which has fallen in April.

According to the Indian Sugar Mills Association (ISMA), production till February 15 reached  223.68 lakh tons

The government has set a target of 20 percent blending of ethanol with transport fuel by 2025.

In December, the government put curbs on ethanol production from sugar due to sugar shortage in the domestic market caused by erratic monsoon.