Superstar investor Anil Kumar Goel, who has a portfolio worth over Rs. 490 crore, has increased his stake in four stocks in filings released so far. His biggest increase is in Dhampur Sugar Mills, where he has increased stake by 2.23%. He now holds over 10% in the company, a holding worth close to Rs. 76 crore. Goel has also increased his stake in Uttam Sugar. Goel also increased his stake in Thirumalai Chemicals and Technocraft Industries.
Sugar stocks have been in the red the past several months, and some investors like Goel may be seeing the current valuations as affordable. The government has been cracking down on sugar mills particularly in UP, where farmers are yet to receive payments for sugarcane. Over Rs. 8,000 crore is overdue to farmers due to delayed payments. Sugar mills are overall, in some financial trouble as an industry. Global sugar prices are down due to excess supply in the market, while in the domestic market, sugar prices continued to trade lower following oversupply and low demand.