Vivek Saraogi, managing director of Balrampur Chini said that sugar selling was difficult especially in the month of May; however, he expects the first quarter realisation to be Rs 28 per kg.
Ponni Sugars (Erode) has reported a sales turnover of Rs 46.11 crore and a net profit of Rs 0.78 crore for the quarter ended Jun '11
Jonathan Barratt of Commodity Broking Services believes that it is time to lock in profit on commodity trades. He believes it to be the top end for commodities, so he cautions investors who want to add to their trade.
The government today extended duty-free import of sugar for two months till August-end amid inflationary pressure.
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.
In an interview with CNBC-TV18, Shreekant Jha, managing director at PJ Commodity Ventures gave his outlook on crude, base metals (gold and silver) and sugar commodities. He points out, "the bearish trend seen in crude will continue. So, one should go short at higher levels."
India is expected to discuss easing controls on the sugar sector in a meeting in next 8-10 days, The Economic Times reported on Monday citing Farm Minister Sharad Pawar, as domestic output prospects of the sweetener improves and as local prices fall.
Despite the hike in the international sugar prices, in an exclusive interview with CNBC-TV18, Sanjay Tapriya, CEO of Simbhaoli Sugars says “further movement in the market will be seen if the government does some more industrialization or allow more exports.”
Domestic sugar stocks shot up 5-6% on Wedensday, reflecting a firming tone in the domestic raw sugar market. In an interview with CNBC-TV18, Narendra Murkumbi, chief executive officer of Shree Renuka said that sugar and ethanol demand have shot up globally and prices are, thus, adjusting to the reality.
After permitting exports of five lakh tonnes of sugar in April, the government today allowed shipments of additional similar quantity of the sweetener.
Minister of State for Consumer Affairs, Food and Public Distribution, K V Thomas today said the government's decision to allow export of five lakh tonnes of sugar last week has led to an increase of Rs 4 per kg in the sweeteners retail price.
Crucial monsoon rains have advanced to remaining regions of cane-growing Uttar Pradesh and some parts of pulses-growing Rajasthan ahead of schedule, the India Meteorological Department (IMD) said in a statement.
An Empowered Group of Ministers (EGoM) on Food headed by Finance Minister Pranab Mukherjee is meeting today to take a decision on allowing additional sugar exports, Food Minister K V Thomas said.
We would like to stay away from cyclical including metals at this point of time and also sugar because of the global volatility, says Devang Mehta, Vice President & Head - Equity Sales, Anand Rathi Financial Services.
The Food Ministry has issued export orders for 3.97 lakh tonnes of sugar to mills so far, out of the total quantity of 5 lakh tonnes that the government had allowed for overseas shipments.
Vivek Saraogi, MD, Balrampur Chini in an interview with CNBC-TV18 spoke about the latest happenings in the company and the road ahead.
KM Sugar Mills has reported a sales turnover of Rs 94.41 crore and a net profit of Rs 1.44 crore for the quarter ended Mar '11
Dharani Sugars and Chemicals has reported a sales turnover of Rs 260.60 crore and a net profit of Rs 32.01 crore for the quarter ended Mar '11
Rajshree Sugars and Chemicals has reported a sales turnover of Rs 165.27 crore and a net profit of Rs 24.41 crore for the quarter ended Mar '11
The country's largest sugar maker Bajaj Hindusthan is planning to launch a rights issue to raise Rs 1,820 crore for part repayment of debts.
Simbhaoli Sugars has reported a sales turnover of Rs 293.15 crore and a net profit of Rs 1.39 crore for the quarter ended Mar '11
Balrampur Chini Mills has reported a sales turnover of Rs 469.33 crore and a net profit of Rs 112.78 crore for the quarter ended Mar '11
Avoid sugar space, says Prashastha Seth, Senior VP IIFL Private Wealth, IIFL.
Triveni Engineering and Industries has reported a sales turnover of Rs 457.99 crore and a net profit of Rs 23.53 crore for the quarter ended Mar '11
Oswal Overseas Ltd has reported a sales turnover of Rs 33.74 crore and a net profit of Rs 4.86 crore for the quarter ended Mar '11