Paper, sugar, fertiliser stocks witness huge buying
Niche sectors like paper, sugar, fertilisers and liqour saw huge buying interest on Wednesday, said Siddhartha Khemka, Head of Retail…
In a bid to keep sugar prices under control during the coming festive season, Food and Public Distribution Minister Ram Vilas Paswan on Tuesday said the government has imposed a stock limit on sugar mills for the next two months.
Stating that there is “no shortage” of sugar for domestic consumption in the country, Paswan tweeted: “For keeping the prices of sugar under control during the festival months of September and October, 2017, stock limits have been imposed on sugar mills.”
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“Stock limit for September 2017 is 21 per cent of total sugar available with sugar mills during 2016-17 sugar season. Stock limit for October 2017 is 8 per cent of total sugar available with sugar mills during 2016-17 sugar season,” he said in a series of tweets.
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India is the second largest producer of sugar in the world with 341,200 TMT sugar production.
The government had last month increased import duty on sugar to 50 per cent to control the dumping of sugar in the country when international prices go down.
Sugar prices in the country are currently above Rs 40 per kg in the retail market while branded sugar is priced over Rs 50 per kg.
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