India is likely to end the marketing season on September 30 with inventory of 10 million tonnes, compared with 3.87 million tonnes a year ago.
The government on June 22 said there would be no shortage of sugar in the 2016-17 season starting October despite forecast of drop in production by up to 2 million tonnes
Domestic sugar production is expected to decline 11 percent to around 25.2 million tonnes in sugar year 2016 (SY) beginning October 1, while prices are likely to remain steady in the near term, rating agency ICRA said
Media reports are abuzz that the central government has asked Maharashtra government to impose a limit on water-guzzling sugarcane crop -- in order to help fight the state's crisis drought situation.
India's sugar stocks, however, are likely to rise to 9.6 million tonnes at the start of the season on October 1, from 7.5 million last year, said Abinash Verma, director general of the Indian Sugar Mills Association.
Sugar production of India, the world's second largest producer and biggest consumer, stood at 28.77 lakh tonnes in the year-ago period.
Union agriculture minister Sharad Pawar on Wednesday said sugar output is likely to decline for the second straight year to 24 million tonnes (MT) in the year staring October, 2013 due to an expected lower sugarcane crop in Maharashtra.
Chief Statistician TCA Anant tells CNBC-TV18 industrial output data seems to have lost momentum ever since December.
Narendra Murkumbi, managing director of Shree Renuka Sugars spoke to CNBC-TV18 about his outlook for the sector and the company’s strategies going ahead.
Narendra Murkumbi, managing director of Shree Renuka Sugars said that there will be production of 26 million tonne of sugar in the coming season. "Expect raw sugar to range between 25-35 cents/lb in sugar year 2012 (SY12)," added Mukumbi.
M Manickam, managing director of Sakthi Sugars, said that the sugar output is likely to increase by 15-20% this year and sugar price will rise by Rs 1-2.
The food ministry has so far cleared export of 4.33 lakh tonne of sugar out of five lakh tonne quantity the government had allowed in June.
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.
Monsoon is likely to enter India through the southern Kerala coast on May 31, the weather office said on Friday, marking the start of the four-month rainy season that is forecast to be normal this year, possibly boosting the farm sector.
Mawana Sugars plans to double its branded sugar output to 20,000 tonnes in FY12, a top official told reporters on Monday.
The country's sugar output rose by over 16 per cent to 13.4 million tonnes in the first four-and-half months of the 2010-11 crop year, as against 11.5 million tonnes in the year-ago period.