- 14 Sep
Sugar stocks soar on production cuts, brokerage initiates coverage with ‘buy’ rating
Sugar stocks in India surged on September 14 after officials cut Maharashtra state's sugar output forecast by 14% for the 2023/24 crop year. DAM Capital initiated coverage on sugar stocks with a "buy" rating on all four, citing declining production, El Nino, ethanol blending and valuations as reasons for its bullishness. The brokerage believes that sugar prices could rise to Rs37 per kg in the domestic market in the next 12 months.