9 sugar stocks rally up to 110% in FY24. Is it just the ethanol effect?​

At a time when Nifty50 has delivered 13% returns so far in FY24 (1st April - 26th September 2023), several sugar stocks have rallied up to 110%. As international oil prices are once again nearing $100 per barrel, interest in ethanol is likely to increase, which could further help sugar stocks. As per Ace Equity data, here's a list of 9 sugar stocks that have delivered up to 110% returns in FY24:

Bajaj Hindusthan Sugar has delivered nearly 110% returns to its investors in FY24. The firm has a market cap of Rs 3,281 crore.

Praj Industries stock has surged 73% so far in the financial year 2023-24. The firm has a market cap of Rs 10,762 crore.

Triveni Engineering & Industries surged 44% so far in FY24. The firm has a market cap of Rs 8,274 crore.

Dhampur Sugar Mills has given 41% returns so far to its investors in the financial year 2023-24. Dhampur Sugar Mills has a market cap of Rs 2,016 crore.

Dalmia Bharat Sugar and Industries has gained 36% in FY24. The firm has a market cap of Rs 3,552 crore.

Shree Renuka Sugars has delivered 26% returns to its investors in FY24. Shree Renuka Sugars has a market cap of Rs 11,749 crore.

Dwarikesh Sugar Industries has surged 25% so far in FY24. Dwarikesh Sugar Industries has a market cap of Rs 1,962 crore.

EID Parry has surged 15% so far in the financial year 2023-24. The firm has a market cap of Rs 9,383 crore.

Globus Spirits has surged 14% so far in the financial year 2023-24. Globus Spirits has a market cap of Rs 2,558 crore.