Despite government restricting the release of sugar in the market by the sugar mills and imposing import duty, sugar industry is still not out of the tough times.
Despite government restricting the release of sugar in the market by the sugar mills and imposing import duty, sugar industry is still not out of the tough times, Business Standard reported. The measures implemented by the government helped improve the price realisations by 7-10 percent, the report added. The industry executives have sent an SOS to the government to help in infusing cash into the sugar mills so as to reduce losses suffered by the mills. The Indian Sugar Mills Association (ISMA) is expecting output of 26.1 million tonnes (mt) for 2017-18.
There was a demand for select sugar mill gate today as they gained Rs 10 per quintal at the wholesale market in Delhi on delay in supply amid increased offtake. Even the decrease in arrivals from mills is reflecting on the prices. In wake of ongoing wedding season, the demand for soft-drinks and ice creams has increased exponentially and this is what is keeping sugar mill gate prices up for the second straight day today, PTI quoted marketmen as saying.
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The sugar spot prices maintained overnight closing levels on adequate stocks. In mill gate section, sugar Dhampur and Modinagar gained by Rs 10 each to Rs 3,500 and Rs 3,470 per quintal. Prices of Mawana and Khatuli also moved up by Rs 10 each to Rs 3,570 and Rs 3,600 per quintal.
The shares of Balrampur Chini closed at Rs 116.65 down 3 percent on BSE today. The shares of Dhampur Sugar Mills closed at 214.20 up 4.46 percent on BSE today.