Read more about Market Wrap Podcast, May 21: Here s all that happened in the markets today on Business Standard. Supported by a rally in other financial stocks, coupled with favourable global cues, the BSE barometer of 30-shares ended at 50,540 levels, up 976 points or 1.9 per cent
Read more about Dwarikesh Sugar Industries standalone net profit rises 8.95% in the March 2021 quarter on Business Standard. Sales rise 29.93% to Rs 599.96 crore
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Shares of sugar manufacturers and their allied companies continued their northward movement, ralling up to 75 per cent in the past one month on positive outlook, on Monday. The sugar industry, analysts say, is well poised to benefit from, both, global and domestic factors such as tight global demand-supply situation, favourable policies, push for higher ethanol blending in India and higher ethanol capacity addition.
Individually, Dhampur Sugar Mills, Praj Industries, Dwarikesh Sugar Industries and Triveni Engineering & Industries rallied in the range of 14 per cent to 19 per cent on the BSE in the intra-day trade on Monday while Dalmia Bharat Sugar and Industries, Uttam Sugar Mills, Avadh Sugar and Balrampur Chini Mills were up between 9 per cent and 10 per cent. In comparison, the benchmark S&P BSE Sensex was up 0.68 per cent.
A sharp drop in daily Covid-19 cases perked up bulls on Dalal Street on Monday as investors hoped for a sooner-than-expected taper down of the second wave. However, even though the new case count, at over 366,000 and 3,754 deaths, were off a little from recent peak, it came on the back of 1.47 million tests for Covid-19 which were this month s lowest yet. Nonetheless, domestic equity indices started gap-up and remained parked near the day s high level for the better part of the day. Among the frontline indices, the BSE barometer of 30-shares hit an intra-day high of 49,617 before ending the session at 49,502 levels, up 296 points or 0.6 per cent. About seven of the 30 constituents ended the day in the red including UltraTech Cement, Infosys, HCL Tech, Reliance Industries, Asian Paints, Bajaj Finserv, and Axis Bank. The stocks declined up to 1.3 per cent.