At around 9:55 a.m., BCL Industries shares were up nearly 10 per cent, Gulshan Polyols stock was up over 4 per cent, Rajshree Sugars was up over 2 per cent, and Shree Renuka Sugars, Bajaj Hindusthan Sugar, and Mawana Sugars were trading over 1 per cent higher.

On Thursday, Indian state fuel retailers raised the purchase price of ethanol made from maize by Rs 5.79 per litre to Rs 71.86 ($0.8635) per litre to encourage its production for blending with gasoline. The new rates are applicable from today.

To ensure a sufficient supply of the sweetener in the market, maize will be used as an alternative to sugar to boost ethanol production. In December, the government directed sugar mills not to use cane juice to produce ethanol as the country’s sugar production is expected to decline in the 2023–24 marketing year that began in October.