Indian sugar futures rose on Monday to their highest level this year, driven by tight supply and high demand.

The March sugar contract rose as much as 1.2% to 3,946 Indian rupees ($58.72) on the National Commodity & Derivatives Exchange Ltd (NCDEX). The contract had risen nearly 200 rupees in the last 30 days, up to Friday's close. The March sugar futures was up 0.3 % to 3,190 rupees in heavy trading as of 1210 GMT. 

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Rise in sugar prices on the futures and spot markets triggered a rally in sugar stocks.Dhampur Sugar Mills Ltd rose as much as 10.7 percent to 214.80 rupees, its highest in over 10-1/2 years, while Shree Renuka Sugars Ltd closed 12.9 percent higher at 17.10 rupees.