Sugar stocks make sweet gains

Bajaj Hindusthan touched an intraday high of Rs 30.65 and an intraday low of Rs 27.95. At 15:18 hrs the share was quoting at Rs 30.40, up Rs 1.75, or 6.11%. It was trading with volumes of 1,612,928 shares.

Shree Renuka Sugars touched an intraday high of Rs 32.65 and an intraday low of Rs 29.80. At 15:19 hrs the share was quoting at Rs 32.10, up Rs 2.00, or 6.64%. It was trading with volumes of 3,504,071 shares.

Triveni Engineering and Industries touched an intraday high of Rs 19.10 and an intraday low of Rs 15.65. At 15:19 hrs the share was quoting at Rs 18.50, up Rs 2.22, or 13.64%. It was trading with volumes of 606,750 shares.

Balrampur Chini Mills touched an intraday high of Rs 41.10 and an intraday low of Rs 38.70. At 15:19 hrs the share was quoting at Rs 41.05, up Rs 2.00, or 5.12%. It was trading with volumes of 447,897 shares.

On January 7 SP Tulsian, sptulsian.com told on CNBC-TV18 that, "The UP based sugar mills they have started talking preemptive call that probably Mulayam Singh has an edge in the coming election and in fact always Samajwadi party or Mulayam Singh has seen pro sugar lobby. In fact the same chef minister or the same government has announced the sugar investment promotions scheme also which has largely benefitted Bajaj Hindusthan, Balrampur Chini and Triveni at that point of time which was subsequently scrapped by Mayawati government."

He further added, "The sugar prices in the domestic market have stopped falling it looks to have bottom out, in fact there is good off take of the commodity also but this was the rumor mongering yesterday evening that because of this there has been large scale buying and again when you think that probably it could be that the stock looks to have bottomed out in fact the stocks are seen quite over sold whether you take the case Balrampur Chini , Bajaj Hindusthan or Renuka sugar . I am not seeing so much short seen getting built up in Triveni Engineering because only 4 stocks are available in F&O. This could be the reason for sugar stocks to move up yesterday."