Angel Commodities has come out with its report on agricultural commodities. According to the research firm, Sugar futures may trade on a mixed note today. Demand from stockists coupled with output concerns this season is likely to support the prices.
Abinash Verma, director general, ISMA is unhappy with the government's decision to take away levy sugar burden from the industry for two years and bring it back after that.
Abinash Verma, Director General of the Indian Sugar Mills Association (ISMA) told CNBC-TV18 that he expects partial sugar decontrol to be implemented in March.
Industry body ISMA today said it has revised the country's total sugar output marginally upward to 24.3 million tonnes for the 2012-13 marketing year, which started from October, due to less diversion of sugarcane to local sweeteners and better recoveries.
Sugar production in the country has increased marginally by 2.5 per cent to 7.96 million tonnes in the first three months of the ongoing marketing year ending September 2013, according to industry body ISMA.
Narendra Murkumbi, managing director of Shree Renuka Sugars told CNBC-TV18, the company has already produced 8 million tonne sugar the current season and expects to produce another 15 million tonne.
Sugar production has marginally declined to 23.30 lakh tonnes in the first two months of the 2012-13 marketing year that started in October against 23.92 lakh tonnes in the year-ago period, industry body ISMA said.
Mills have produced two lakh tonnes more sugar at 9.84 lakh tonnes in the first one-and- half-month period of 2012-13 marketing year that started from October, due to higher crushing in Karnataka, industry body ISMA said today.
Gautam Goel, President of ISMA believes it is a very welcome move and hopes that the states adopting State Advisory Price (SAP) will now move on to the new recommendation of profit sharing.
In an interview with CNBC-TV18, M Manickam, MD of Sakthi Sugars said looking at the stress on sugarcane due to scarcity of rainfall, it was more or less anticipated. He also feels that sugar prices may increase to Rs 35-36 to bring about a positive parity.
Sugar production is likely to fall by almost 8% to 24 million tonnes in the 2012-13 marketing year starting October, but the supply of the sweetener will be enough to meet the domestic demand, industry body ISMA said today.
In an interview with CNBC-TV18, Vivek Saraogi, MD of Balrampur Chini sounded hopeful on the policy front, about rational cane pricing and other issues related to sugarcane production in UP.
The government is not averse to decontrolling the sugar sector provided the move does not affect the interest of farmers and consumers, Food Secretary B C Gupta said today.
Sugar prices in retail markets are unlikely to surge due to an additional export of five lakh tonne of the sweetener, an industry body ISMA has said.
Sugar output of India, the world's second largest producer after Brazil, could rise by about 10% to 26.5 million tonnes in 2011-12 sugar year starting October on higher cane area, industry body ISMA said on Tuesday.
India's sugar mills will soon seek government permission to export an additional half a million tonnes of the sweetner as output is expected to rise in the next season from October, the chief of a leading industry body said on Wednesday.