Ten sugar shares rose by 0.34% to 4.55% at 11:40 IST on BSE after Food Minister K V Thomas said sugar mills should focus on exports to clear payment of dues to cane farmers as India's sugar output is likely to exceed domestic demand.
Sakthi Sugars (up 4.55%), Shree Renuka Sugars (up 4.31%), Rana Sugars (up 3.50%), Triveni Engineering & Industries (up 2.83%), Balrampur Chini Mills (up 2.34%), Dhampur Sugar Mills (up 2.10%), Oudh Sugar Mills (up 1.19%), Bajaj Hindusthan (up 1.04%), EID Parry (India) (up 0.43%) and Dwarikesh Sugar Industries (up 0.34%), edged higher.
The S&P BSE Sensex was down 26.59 points, or 0.13% at 19,755.29.
The Minister for Consumer Affairs, Food and Public Distribution K.V. Thomas on Thursday, 12 September 2013, said that the Ministry of Food in principle does not have any objection to permit further export of sugar as it will help faster clearance of cane price arrears and help the country to earn some precious foreign exchange.
He said that government policies, including, the ones relating to sugar exports, are aimed at balancing the interest of consumers, farmers and the industry. Thomas assured that while reviewing sugar export policy, his ministry will be fair to all stakeholders.
According to media reports, India's sugar production is estimated at 25 million tonnes in the 2012-13 marketing year (October-September) as against domestic consumption of 22-23 million tonnes. Industry has pegged 2013-14 output at 23.7 million tonnes and the figure may be revised upwards on better monsoon, reports added.
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