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Shares of Avadh Sugar, Bajaj Hindusthan, EID Parry, KCP Sugar, Rajshree Sugars, Sakthi Sugars, Ugar Sugar Works, and Uttam Sugar fell 2-4 percent following the Budget announcement.
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The sugar industry is advocating for higher procurement prices for ethanol, support for sugar cane harvesters, and a long-term policy for sugar import-export and ethanol production.
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Attempts to free sugar mills from government control ended because the mills couldn’t cope with populist sugarcane pricing and production gluts. Decontrol of prices of phosphatic and potassic fertilisers was reversed after a decade of moderate success because of global supply shocks. Complete deregulation will have to wait for a developed India
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The ban on the use of sugarcane juice for ethanol is a double whammy for distilleries grappling with the suspension of rice supply
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Strong fundamentals, coupled with massive opportunity from bio-fuel, to drive enhanced ethanol blending, and reduction in current supply glut
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Sugar traders will meet the food ministry officials today to discuss issues such as export restriction. Traders had written to the ministry to permit exports in excess of the 10 MT allowed currently. Manish Gupta and Karunya Rao discuss all the relevant details.
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Global sugar prices have risen sharply and are set to rise further. While mills are expected to benefit, unexpected changes to government support measures could pose a risk
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Sugar production has taken a hit in two of the biggest sugar-producing states in the country
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ICICI Direct believes that with sustainable earnings, the book value of sugar companies will grow 30-60 percent in the next two years.
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Facing crisis in the sugar sector, Mauritius today signed a pact with India -- the world's second biggest producer of the sweetener, to gain expertise and support for diversifying the sugar business, especially of cooperative mills in the island nation.
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Major contributor for today‘s rally was Infosys which saw a 5.63 percent jump and closed at Rs 1238.70 per stock.
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Sandeep Wagle of powermywealth.com has a bullish stance on sugar sector.
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The activity in midcap index over the last few days also hints at a positive undertone and Taher Badshah of Motilal Oswal Asset Management also expects stock-specific activity as the quarterly results unfold
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According to sources in the food ministry, the package will address issues related to buffer stock. It may even include decision to hike import duty, increase ethanol blending limit and sugar release mechanism.
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Ajay Bodke of Prabhudas Lilladher is cautious of FMCG sector, as most of these companies have already reached their earnings peak.
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CARE Ratings has come out with its report on sugar sector. According to research firm, credit outlook for the sector continues to remain stressed.
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ICICIdirect.com has come out with its report on Sugar sector. The research firm has maintained buy on Balrampur Chini Mills and Dhampur Sugar Mills with a target prices of Rs 43 and Rs 46, respectively, and hold on Shree Renuka Sugars with a target price of Rs 17 in its research report dated July 09, 2013.
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In last three seasons, the average price paid by sugar mills toward purchase of cane has increased 14 percent, whereas, sugar cost has gone up 3 percent, making operation unfeasible for sugar makers.
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ICRA estimates the sugar production of the domestic sugar industry to decline from 26 million MT in sugar year (SY1) 2011-12, to around 24-24.5 million MT in SY 2012-13 (a decline of around 6-8 percent), driven mainly by weak and delayed monsoon in several key growing regions.
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According to Sudarshan Sukhani of s2analytics.com, Bajaj Hindusthan, Balrampur Chini and Rallis India are worth looking into.
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Rajen Shah, Angel Broking is of the view that one can buy sugar stocks.
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In an interview to CNBC-TV18, portfolio manager PN Vijay spoke about various stocks, sector and all that is making news in the market right now.
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SP Tulsian of sptulsian.com says, in an interview to CNBC-TV18, that the Nifty is not likely to fall below 5,800. Though he is not positive on the sugar segment, he favours all the major Tamil Nadu-based sugar stocks.
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In order to fast track decontrol of sugar sector, the government is mulling setting up an inter-ministerial panel to review recommendations of the Rangarajan Committee on sugar deregulation.
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Speeding up work to decide on decontrolling the sugar sector, the Centre has sought the views of the state governments on the Rangarajan report by the month-end.
