India's sugar stocks rise on govt's export plans

E I D-Parry (India)

15/09/2022 09:09

** Shares of Indian sugar firms rise between 2.4% and 7.4%
following a report that the govt would allow sugar exports in
first tranche
    ** India is set to allow 5 mln tonnes of sugar exports in
the first tranche for the new marketing year beginning October,
two government sources told Reuters on Wednesday  urn:newsml:reuters.com:*:nL4N30L2HQ 
    ** Shares of Balrampur Chini  BACH.NS , Dhampur Sugar Mills
Ltd  DAMS.NS , Bajaj Hindusthan Sugar Ltd  BJHN.NS , Dalmia
Bharat Sugar and Industries  DLMI.NS , Triveni Engineering and
Industries Ltd  TREI.NS , Uttam Sugar Mills  UTSM.NS , Shree
Renuka Sugars  SRES.NS  and E I D-Parry (India) Ltd  EIDP.NS 
rise as much as between 2.4% and 7.4% 
    ** India's domestic sugar consumption is estimated at about
27.5 mln tonnes and mills are expected to divert 4.5 mln tonnes
of sugar for ethanol production in the 2022-23 season
    ** On Oct 1, mills' carryover stocks from the previous
season are expected at 6 mln tonnes against 8 mln tonnes a year
earlier
    ** Sugar stocks rise amid a weak domestic market, with the
benchmark Nifty 50  .NSEI  down 0.6%
    

 (Reporting by Yagnoseni Das in Bengaluru)
 ((yagnoseni.das@thomsonreuters.com))