Merchants and retailers are sweet on sugar stocks for the time being with all fundamental counters rising 4-7 p.c. And, it is not merely festive season optimism driving these stocks.
Meals Minister Pralhad Joshi has hinted that the government is inclined to lift the ban on sugar exports rapidly. A remaining willpower will in all probability be taken after the estimation of sugarcane manufacturing and sugar stocks for the following season.
“Closing yr manufacturing was lower than anticipated so exports wanted to be curtailed. This yr, a name is vulnerable to be taken solely after we get the estimated sugarcane manufacturing numbers,” the minister acknowledged on the sidelines of a conference in Delhi.
Manufacturing prospects are good, he acknowledged. “The selection on exports will come based mostly totally on the place our closing stocks, stability and opening stocks stand. We’re assured that sugar manufacturing will in all probability be good this yr,” he acknowledged.
Full sugar manufacturing for the 2024-25 season (October-November) is estimated at 33.31 million tonnes, down 2 per cent from 33.99 million tonnes inside the earlier season, in step with preliminary estimates by the Indian Sugar and Biofuel Producers Affiliation launched on July 30. .
The minister acknowledged that the government is contemplating of accelerating the price of ethanol. “Our ministry is the nodal ministry for ethanol and we’re in touch with the petroleum ministry. Ethanol price hike is into consideration,” he acknowledged.
From 2022-23 ethanol present yr (November-October) the fees of ethanol derived from sugarcane feedstock have not been elevated. At current, ethanol produced from sugarcane juice is priced at Rs 65.61 per litre, whereas ethanol from B-heavy and C-heavy molasses is priced at Rs 60.73 and 56.28 per litre, respectively.
The minister acknowledged the government is considering a proposal to develop the minimal selling price of sugar to Rs 31 per kg from February 2019.
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