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Here are the top stocks that are likely to be in focus today: Earnings Today: SBI, Hindalco, Shree Cement, JSW Steel, Aarti Surfactants, Crompton Greaves Consumer Electricals and United Spirits are among 49 companies scheduled to post quarterly numbers today. A healthy net interest income growth, coupled with strong recoveries and fewer provisions and aided by low base of the previous year, may help State Bank of India (SBI) to report robust March quarter (Q4FY21) numbers, analysts say. Sugar stocks: Shares of sugar firms are likely to be in focus today after the Centre on Thursday slashed subsidy on sugar exports from Rs 6,000 per tonne to Rs 4,000 per tonne with immediate effect in view of firm global prices. ....
The Centre on Thursday slashed subsidy on sugar exports from Rs 6,000 per tonne to Rs 4,000 per tonne with immediate effect in view of firm global prices. However, trade sources said the move may not impact exports much, as of the existing quota of 6 million tonnes, around 5.7 million tonnes have already been contracted at the older subsidy rate of Rs 6.000 per tonne. For the ongoing 2020-21 marketing year (October-September), the government had fixed a subsidy of Rs 6,000 per tonne to facilitate exports, improving the liquidity of mills and enabling them to clear cane price dues to farmers. Sugar mills were mandated to export 6 million tonne of sugar in the current year. So far, 5.7 million tonne of the sweetener have been contracted for export. ....
Synopsis According to Praful Vithalani, chairman, All India Sugar Traders Association (AISTA), there will not be any major impact on the ongoing sugar exports as agreements for 57 lakh tonnes of sugar exports have been executed till May 19 nor there will not be any impact on domestic prices as these are controlled by the monthly release mechanism. Agencies According to trade estimates, the government will be able to save an outgo of Rs 60 crore of the sugar export subsidy. The central government today slashed the amount of subsidy given for sugar export by one third from Rs 6000/tonne to Rs 4000/tonne. As the industry has completed export of 95% of the sugar export quota of 60 lakh tonnes, the decision will not have any major adverse impact on the country s sugar exports. The industry is confident about continuing exports under the open general license (OGL) category thanks to better realisation from exports. ....