Sugar futures traded on a positive note on Tuesday extending previous day’s gains as the government announced a host of incentives to protect the domestic industry coupled with forecast of below normal rains and settled 0.84% higher.
The government has increased import duty on raw sugar to 40% from 15%. Subsidies of Rs. 3300/tn on raw sugar export has been extended till September. Ethanol blending with petrol in increased to 10% from 5%. Also, the repayment of interest free loan on excise duty has been increased to 5 years instead of 3 years.
According to the Ministry of Agriculture, sugarcane sowing as on 19th June, 2014 stands at 4.4 mn ha as against 4.5 mn ha last year.
The Maharashtra government in its state budget has exempted sugarcane purchase tax for 2013-14.
According to a circular released by NCDEX, some changes have been made in the contract specifications in Oct’14 expiry futures and thereafter. Kindly refer the circular for further details.
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