Indian sugar firms gain on higher payment for ethanol

E I D-Parry (India)

10/06/2022 07:58

** Shares of Indian sugar manufacturers rise between 0.6%
and 2.2% as state fuel retailers have agreed to provide monetary
relief to sugar mills and other producers of ethanol 
    ** Indian fuel retailers will compensate sugar companies for
high energy costs to boost the biofuel production  urn:newsml:reuters.com:*:nL4N2XX10W
    ** Shares of Dhampur Sugar Mills  DAMS.NS , Balrampur Chini
 BACH.NS , Bajaj Hindustan Sugar  BJHN.NS  and Dwarikesh Sugar
Industries  DWAR.NS , Uttam Sugar  UTSM.NS  rise between 0.6% to
2.2%
    ** E I D-Parry (India) Ltd  EIDP.NS  and Shree Renuka Sugars
 SRES.NS  gain 1.8% and 2.2%, respectively
    ** India, the world's third biggest oil importer and
consumer, has expedited efforts to double ethanol blending with
gasoline to 20% from the current 10% across the country from
2025/26 
    ** India govt fixes ethanol purchase prices for fuel
retailers - Indian Oil Corp  IOC.NS , Bharat Petroleum Corp
 BPCL.NS  and Hindustan Petroleum Corp  HPCL.NS  -- every
marketing year
    ** Producers will be paid an additional 1,604 rupees
($20.62) per kilolitre for ethanol produced from sugar cane
juice, and 1,493 rupees for B- heavy molasses and 1,179 rupees
for ethanol produced from C-heavy molasses
    ** Prime Minister Narendra Modi has pledged to achieve
net-zero carbon emissions by 2070 by switching to cleaner fuels
  

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))