EID Parry, a sugar stock, on Monday hit a fresh 52-week high to reach at around Rs 450 per share intraday. It has jumped over six per cent today to close at Rs 445 per share. 

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In the last one week, the company’s shares have spurted near 21 per cent from Rs 387 per share on May 5th to Rs 445 per share at today’s close. The stock on Friday has closed at Rs 419 per share. 

EID Parry is a mid-cap company with a market cap of around Rs 5000 crore, and this company has one of the oldest sugar plants in the country.  

Murugappa Group is the parent organisation of EID Parry, which along with sugar is also into the businesses of nutraceuticals. 

Coromandel International is its holding company, which has around Rs 21000 crore market-cap.  

The sugar space has been buzzing for the last few weeks, as the prices of sugar increased in the international market. In April, it was up over 15 per cent due to a shortage of supply globally. 

Besides EID Parry, other sugar stocks such as Dhampur Sugar, Praj Industries, Dwarkesh Sugar, and Kothari Sugar have rallied too. 

On April 30, Zee Business Managing Editor Anil Singhvi has urged investors/traders to buy this stock for bumper returns. He had set a target of Rs 355 and Rs 365 per share levels for short-term basis which was achieved last week and it continues to surge for the fifth session today. 

Singhvi had also said EID Parry’s cheap valuation makes this stock more lucrative. 

Zee Business Research Analyst Ashish Chaturvedi last week had pointed out the reasons why sugar prices are surging in the global markets and how could it’s helping the surge stocks to grow, 

He had said, the world’s second-largest sugar manufacturer country, Brazil is facing drought, similarly, the fifth-largest sugar producer, Thailand too is going through a drought-like situation. Because of this the global production of sugar has fallen and a 1.5 crore deficit of supply is reported.