Marketmen said increased supplies in the market from mills and slowdown in buying by bulk consumers,weighed on sweetener prices
Ugar Sugar, Dwarikesh Sugar, Oudh Sugar, Parrys Sugar, Rajshree Sugar, Dharani Sugars and Mawana Sugars hit upper circuit on the BSE.
ISMA predicted India's sugar output at 23.26 million tonnes for the crushing season 2016-17
Also recommends stock holding limits on mills to check price rise
Could be lower compared with the current year's estimated output of 252 lakh mt
C R Chaudhary said there is sufficient sugar stock available in the current season to meet demand of 255 lakh mt
Food Secretary Vrinda Sarup reviewed the price situation today in a video conference interaction with both sugar producing and consuming states
Last year sugar industry across the globe was pushed to a record low in prices, the company said
UP, India's leading sugarcane producer, is projected to increase its acreage to 23.35 lakh hectares (LH) during 2016-17
Total acreage under sugarcane in India is estimated at around 4.99 million hectares (ha) in crushing season 2016-17, which is 5.5% lower than in the year-ago period
Says duty not applicable on re-export of raw sugar, pacing way for shipments that were stuck at ports
Upper Ganges Sugar, Ponni Sugars, KCP Sugar, Sakthi Sugars and Kesar Enterprises were up more than 10% each on the BSE.
Duty being sought on export of imported raw sugar
DCM Shriram, Dhampur Sugar, Bannari Aman, Bajaj Hind, Shree Renuka and Upper Ganges were up more than 10% each.
Sugar output is estimated to drop to 23.5 mt in the next 2016-17 season
Sugar availability in the coming 2016-17 sugar season, starting from October, will be around 31 million tonnes, much more than the expected demand of 26 million tonnes, an official statement said, refuting speculations of a shortage due to low production.According to the statement, India will start the 2016-17 sugar season with an opening stock of seven million tonnes, while domestic production is projected to be around 23-24 million tonnes.This means that the total availability would be approximately 31 million tonnes, while demand would be 26 million tonnes."The government has taken necessary steps to maintain sufficient stocks in the country. It has imposed 20 per cent duty on export of sugar and has empowered state governments to impose stockholding limits on traders to ensure availability of sugar at reasonable prices," the statement added.
The 20% customs duty on sugar exports is aimed at boosting domestic supply
Within a year of setting an ambitious export target government has now made a U-turn by restricting their exports by imposing exports duty
Sugar industry body head Abinash Verma said that the govt was making up for the expected fall in production in the next season
Ugar Sugar, Simbhaoli Sugars, Oudh Sugar, Rajshree Sugars and Sakthi Sugars are down over 6% each