Sugar stocks jump ahead of ministerial meet
"Brent crude rose... As cold weather in Europe boosted heating fuel demand," said Ker Chung Yang, commodity analyst for Phillip Futures in Singapore.
Sugar stocks traded with gains ahead of an empowered group of ministers (EGoM) meeting later today. The EGoM is headed by Finance Minister Pranab Mukherjee.
Shree Renuka, Dalmia Bharat, Oudh Sugar, Balrampur Chini, Dwarikesh Sugar, Bajaj Hindusthan, KM Sugar and Sakthi Sugars all traded with gains.
Here is what is likely to be discussed at the meeting:
Issues linked to food & commerce ministries to be taken up
May allow more sugar, non-basmati rice exports
Sugar companies pushing for allowing additional sugar exports
Industry demanding exports of additional 2 million tonnes this year
Food Ministry has proposed export of 1 million tonnes of sugar
Exports to allow sugar companies to make timely payment to farmers
ISMA (Indian Sugar Mills Association) has pegged sugar output at 26 million tonnes in 2011-12