The food ministry has cleared the proposal of raw sugar export subsidy of Rs 560 crore and the Cabinet will be taking a call on the same next week.
The food ministry has cleared the proposal of raw sugar export subsidy of Rs 560 crore and the Cabinet will be taking a call on the same next week.
In an interview to CNBC-TV18, M Manickam, executive vice chairman, Sakthi Sugars , says the company will see no material benefit on the sops.
Manickam further adds that the subsidy will merely make raw sugar exports viable, not profitable.
The raw sugar export subsidy is at Rs 4,000 per tonne upto 14 lakh tonne for current sugar season.
Below is the verbatim transcript of M Manickam's interview with CNBC-TV18's Sonia Shenoy and Reema Tendulkar
Sonia: We were speaking with the management of Renuka Sugars a while back and they indicated that the big benefit will be on domestic sugar prices. So, domestic sugar prices are expected to rise and then there is that drought in Brazil as well that will keep prices higher. What to your mind is the movement that we can expect on sugar prices because of this news flow?
A: Again this depends on the world market prices now and we are trying to match the domestic prices and the world market prices but the fact remains that domestic industry needs about Rs 34-35 to break even and we are at Rs 26-27. So, until there are some concrete steps to support the price I don't see a major upside but this will help the surplus sugar going out of the market to a certain extent.
Sakthi Sugars stock price
On January 28, 2015, at 14:14 hrs Sakthi Sugars was quoting at Rs 16.40, down Rs 0.7, or 4.09 percent. The 52-week high of the share was Rs 27.45 and the 52-week low was Rs 12.35.
The latest book value of the company is Rs 47.15 per share. At current value, the price-to-book value of the company was 0.35.
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