India, Aug. 30 -- Sugar stocks have returned to the spotlight after domestic sugar prices rose sharply over the past month. Government data shows retail sugar prices moving from Rs. 48.18 per kg on July 20 to Rs. 55.70 per kg on August 20, while current retail quotes are around Rs. 70 per kg.

Balrampur Chini Mills was among the beneficiaries. But the more interesting story is not just sugar prices. At a time when ethanol is one of the biggest themes across the sugar industry, Balrampur is putting more than Rs. 3,000 crore behind Poly Lactic Acid, or PLA, a material that can eventually be used in products ranging from garbage bags and straws to bottles and flexible packaging.

A Sugar Company With More Than Sugar Balrampur Chini is one o...