Industry body Indian Sugar Mills Association (ISMA) on Tuesday said the crushing operations at UP sugar mills will not take place in 2014-15.
The Uttar Pradesh sugar crisis situation has reached a dead-end with sugar mills deciding to suspend cane crushing in 2014-15, beginning October. Although, cane price is fixed by the Centre, the UP government has been forcing sugar companies to pay a premium to farmers over and above the cane price. Sugar producers of the state have been fighting in vain to get the government link sugar and cane prices.
Incidentally, Uttar Pradesh is the only state which does not have a formula linking the two. With dues to UP sugar mills touching Rs 4,000-5,000 crore, and ISMA suspending crushing operations, many millers are staring at bankruptcy.
Following the stalemate, UP sugar companies have issued a suspension order to the UP government. The mill owners claim losing Rs5.5 on the sale of each kilogram of sugar due to hike in cane prices.
If Sugar mills in UP are shut, India will have to look at importing the commodity. Speaking to CNBC-TV18, Vivek Sarogi of Balrampur Chini said the government must come out with a permanent solution to the ongoing crisis.
Bajaj Hind stock price
On August 05, 2014, at 14:13 hrs Bajaj Hindusthan was quoting at Rs 24.45, up Rs 0.30, or 1.24 percent. The 52-week high of the share was Rs 32.60 and the 52-week low was Rs 11.70.
The latest book value of the company is Rs 40.03 per share. At current value, the price-to-book value of the company was 0.61.
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