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Indian sugar stocks rallied sharply on Monday as strong domestic sugar prices and expectations of tighter supplies ahead of the festive season boosted investor interest in the sector.
Bajaj Hindusthan Sugar led the gains, surging more than 11%, while Shree Renuka Sugars climbed 8.5%. Dwarikesh Sugar Industries jumped 10%, extending the broad-based rally among Indian sugar companies.
Other major sugar stocks also traded higher. Dhampur Sugar Mills gained 5.2%, while Avadh Sugar & Energy advanced 4.5%. Dalmia Bharat Sugar and Industries and Triveni Engineering and Industries each rose around 2.5%.
The rally in Indian sugar shares followed a sharp increase in domestic sugar prices in recent weeks. Market participants are increasingly focused on tightening supplies as demand strengthens ahead of India's festive season, a period that typically supports higher consumption of sugar and confectionery products.
Supply concerns have persisted despite government measures designed to stabilize prices. India has approved duty-free imports of 1 million metric tons of raw sugar to increase availability in the domestic market. However, a significant portion of those shipments is not expected to reach the country until October, leaving the market relatively tight in the near term.
Weather conditions have added further pressure to the sugar supply outlook. Delayed monsoon conditions and the effects of El Nino have raised concerns about availability, supporting domestic prices and improving sentiment toward sugar producers.
The Indian government has attempted to contain rising sugar prices through measures including imports and stockholding restrictions. However, investors appeared to focus on the prospect that tight near-term supplies and robust festive demand could keep prices elevated.
Monday's gains across Bajaj Hindusthan Sugar, Shree Renuka Sugars, Dwarikesh Sugar and other producers highlight renewed optimism in the Indian sugar sector. Traders are likely to closely monitor domestic sugar prices, the arrival of imported supplies and weather developments for further clues on the industry's outlook.
