Mawana Sugars | The company approved investment in proposed issue of redeemable cumulative preference shares by subsidiary Siel Industrial Estate, sale of shares of subsidiary Siel Financial Services, and conversion of outstanding dues of the company in Siel Financial Services of Rs 3.66 crore.
Market continues to edge higher in the afternoon session on March 3 as Sensex jumped 765.76 points, or 1.52 percent, at 51,062.65, and the Nifty surged 224.10 points, or 1.5 percent, at 15143.20.
Sugar stocks have edged higher with Rana Sugars zooming 20 percent hitting upper circuit of Rs 9.12 per share. There were pending buy orders of 353,437 shares, with no sellers available.
The other gainers included Bajaj Hindustan, Dwarikesh Sugar, Shree Renuka Sugars, Triveni Engineering, EID Parry and Sakthi Sugars jumping 2-18 percent each.
India is set to miss its goal for sugar exports this year because of a late start to shipments and logistical challenges, potentially providing further fuel to the sweetener’s blistering rally, according to a Bloomberg report.
The world’s second-biggest producer, grappling with massive stockpiles, will ship almost 20% less than the government’s target and a forecast from a top industry group, according to the median of seven estimates in a Bloomberg survey of traders and analysts.
Shipments may be only 4.9 million tonne in the year that ends in September, according to the survey. That compares with the government’s target of 6 million tons and forecasts for a similar amount from the Indian Sugar Mills Association. The nation exported a record 5.95 million tons in 2019-20.
Pramod Patwari, CFO at Balrampur Chini in an interview to CNBC-TV18 said, that the company is facing some challenges with respect to container availability. Despite the challenges, India should be able to export 5-6 mt this year.
Global sugar prices are higher due to supply shortage form Brazil. It expects domestic sugar prices to go up further in the next 15 days. Sugar price at Rs 32 Ex-mill in Uttar Pradesh is expected to increase, he added.
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