Ugar Sugars' stock up by more than 7% today

13 Oct 2022 , 02:23 PM

In intraday trade on Thursday, shares of Ugar Sugar Works rose 12% to Rs79 per share as a result of high activity after the company’s approval to operate a 645 kilo litres per day (KLPD) distillery. The price of the sweetener stock rose to its greatest level since April 2022 and reached a six-month high. On March 25, it had previously reached a 52-week high of Rs86.50. The stock increased 32% during the previous week.

At 12:38 PM, it traded 7% higher compared to the S&P BSE Sensex’s 0.81 % loss. The stock soared 165% over the course of the last year, while the S&P BSE Sensex fell by 6%. The business claimed to have finished building the 645 KLPD distillery at the Ugar facility. Additionally, they want to provide an update after the 645 KLPD distillery’s trial run is complete.

“A combination of steady domestic pricing, strong sugar exports, and sugar’s conversion to ethanol provide the short-term forecast for sugar a generally positive appearance. However, in the years to come, the sector will benefit from the supply and exports of ethanol “said Ugar Sugar.

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