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As a drop in local sugar prices to their lowest level in 28 months made it hard for mills to pay farmers mandatory cane prices, a panel of ministers last month backed plans to give financial support to cane growers.
The Cabinet today may give approval for a subsidy of around Rs 55 per tonnes of sugarcane sold to the mills, a move that will provide some financial support to the farmers and the industry grappling with excess supply and falling sugar prices.
Indian Sucrose (up 4.44 per cent), Kesar Enterprise (up 4.05 per cent), Simbhaoli Sugars (up 3.80 per cent), Dhampure Specialty Sugars (up 3.65 per cent), Rana Sugars (up 3.64 per cent), K.M.Sugar Mills (up 2.40 per cent), Balrampur Chini Mills (up 1.79 per cent), Dwarikesh Sugar Industries (up 1.78 per cent) and Dalmia Bharat Sugar & Industries (up 1.78 per cent) were the top gainers among the sugar stocks.
The state-mandated Fair and Remunerative Price (FRP) for sugarcane is Rs 255 per quintal and with Centre deciding to pay Rs 5.5 per quintal to farmers, sugar mills will have to bear the rest.
Sugar production of India, the world's second largest producer after Brazil, stood at 20.3 MT in the 2016-17 marketing year (October-September). The annual domestic demand is estimated at 25 MT.
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Subsequent balance if any, shall be credited into the mill's account.
India has witnessed excess supply of sugar in the current season and wholesale prices have nosedived to between Rs 27 and Rs 31 per kilogram.
According to ISMA, sugar mills in Maharashtra produced 10.65 million tonnes till April 30 and barring 15 mills all others in the state had ended their operations. But, the decision has an implication of about Rs 240 crores.
"At current sugar realisations of Rs 27 per kg and applying the Rangarajan formula of paying farmers 75 per cent of that, we can afford a cane price of just over Rs 200 per quintal".
The government has taken following steps in past three months, wherein customs duty on import of sugar was increased from 50% to 100% in the interest of farmers. This has created inconsistencies in pricing and affected both the farmers and sugar mills. However, due to depressed global prices of sugar, sugar mills have found it hard to find buyers in the global market.
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