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Shares of most of the sugar companies are trading higher in trades today in an otherwise choppy markets after the food minister K V Thomas asked sugar mills to focus on exports.
Food Minister K V Thomas said, sugar mills should focus on exports to clear payment of dues to cane farmers as the country's output of the sweetener is likely to exceed domestic demand for the fourth consecutive marketing year.
"It is indeed a matter of pride that we are looking at a comfortable sugar position for the fourth year in a row," Thomas said at the AGM of the National Federation of Co-operative Sugar Factories (NFCSF).
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.
Stocks such as DCM Shriram Inds, Shree Renuka Sugar, Eastern Sugar, Riga Sugar, Balrampur Chini, Dharani Sugars, Sakthi Sugars, Dhampur Sugar and rana Sugars have rallied 3-11% each in trades so far.
