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Last Updated : Feb 28, 2019 11:22 AM IST | Source: Moneycontrol.com

Sugar stocks sweeten as Iran buys raw sugar for first time in 5 years

Sharekhan said this is sentimentally positive for sugar companies but momentum in sugar prices will depend upon the estimates of sugar production for next season.

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Sugar stocks gained between 1-8 percent in morning on Thursday after Iran bought raw sugar for first time in last five years.

Dalmia Bharat Sugar, Uttam Sugar, Rajshree Sugars, Dwarikesh Sugar, Mawana Sugars, Ponni Sugar Erode, Triveni Engineering, Dhampur Sugar, Shree Renuka Sugars, Balrampur Chini etc were prominent gainers.

Indian traders will export raw sugar to Iran for March and April delivery, PTI said quoting five trade sources.

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It would be the first Indian sugar sales to Tehran in at least five years as Iran struggles to secure food supplies under sanctions imposed by the United States.

Sharekhan said this is sentimentally positive for sugar companies but momentum in sugar prices will depend upon the estimates of sugar production for next season.

Iran is buying the sugar from India to use up the rupees it has received for oil sales to India, the world's third-largest oil user. Iran is blocked from the global financial system, including using US dollars to transact its oil sales, by sanctions imposed by the United States.

Trading houses have contracted to export 1.5 lakh tonnes of raw sugar for shipments arriving in March and April at $305 to $310 per tonne on a free-on-board basis, Reuters said quoting trade sources this week.

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First Published on Feb 28, 2019 10:47 am
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