Shree Renuka Sugar

** Shares of major Indian sugar companies fall in morning trading after the government on Wednesday banned sugar exports till September 30, 2026

** Balrampur Chini Mills BACH.NS down 2.2%, Dhampur Sugar Mills DAMS.NS down 6.8%, Triveni Engineering and Industries TREI.NS down 3.8%,

** Dalmia Bharat Sugar DLMI.NS down 3.8%, Shree Renuka Sugars SRES.NS down 2%

** Ban comes as federal government tries to contain domestic prices and manage inflation

** Curbs will not apply to some exports, including those to the EU and U.S. under quota schemes, government-to-government shipments, and consignments already in transit

** YTD, Nifty Commodities Index .NIFTYCOM up 8.4% vs benchmark Nifty 50 Index's .NSEI 10.2% decline

(Reporting by Abhinav Parmar in Bengaluru)

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** Shares of sugar stocks rise between 0.6% and 2.5% day after India issued a notification to formally incorporate higher ethanol-blended fuels

** Includes provisions for E85 fuel, a blend of 85% ethanol with petrol, and E100, which would allow vehicles to run on nearly pure ethanol

** Ethanol is a byproduct of sugar manufacturing and refining through fermentation

** Avadh Sugar and Energy AVAD.NS leads with 2.5% gain, Shree Renuka Sugars SRES.NS and Dhampur Sugar Mills DAMS.NS both gain 2.4%

** E-I-D Parry EIDP.NS, Bannari Amman Sugars BANN.NS, Dalmia Bharat DALB.NS and Bajaj Hindusthan Sugar BJHN.NS up between 0.6% and 1.5%

(Reporting by Mridula Kumar in Bengaluru)

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March 23 (Reuters) - Shree Renuka Sugars Ltd SRES.NS:

• SHREE RENUKA SUGARS LTD - RECEIVES TAX PENALTY OF 32.1 MILLION RUPEES

Source text: ID:nBSEbSrxnx

Further company coverage: SRES.NS

(([email protected];))

** Shares of Indian sugar companies up 0.33% to 1.89%

** India approved an additional export quota of 87,587 tonnes for the 2025-26 marketing year

** Last month, the federal government allowed exports additional 500,0000 tons of sugar to support local growers

** EID-Parry EIDP.NS up 1.89%,

** Shree Renuka Sugars SRES.NS up 1.58% and Dhampur Mills DAMS.NS rises 1.43%

** Balram Chini Mills BACH.NS and Dalmia Bharat DALB.NS rise 0.37 % and 0.33% respectively

(Reporting by Urvi Dugar in Bengaluru)

(([email protected];))

By Rajendra Jadhav

KOLHAPUR, India, Feb 18 (Reuters) - India is likely to produce less sugar than initially estimated, as excessive rainfall across major producing states is resulting in lower cane yields, farmers and trade officials told Reuters, capping exports from the world's second-largest producer.

Traders said India may struggle to ship even half of its allocated export quota, lending support to global sugar prices SBc1LSUc1 that are hovering near five-year lows while also lifting domestic prices.

India is expected to produce between 28.5 million and 29 million metric tons of sugar in the 2025/26 marketing year ending in September, according to internal estimates from five trade houses that declined to be named in line with company policies.

The Indian Sugar & Bio-Energy Manufacturers Association (ISMA) has forecast output at 30.95 million tons for the year.

"Cane yields are down across all the main producing states. From Maharashtra and Karnataka to Uttar Pradesh and Gujarat and that's pushing this season's production estimates lower," said Rahil Shaikh, managing director of Mumbai-based MEIR Commodities India.

The largest cut is expected in top producer Maharashtra, with output seen at about 9.6 million tons compared to an earlier estimate of 10.8 million tons, trade houses said.

Nearly five dozen farmers from cane-growing regions of Maharashtra and neighbouring Karnataka, including Vilas Patil from Kolhapur, said excessive rainfall damaged root development and led to early crop maturity.

"We were hoping for a cane yield of at least 60 tons per acre, but it came in at only 48 tons. Excessive rainfall disrupted the crop's growth cycle," said Patil.

Cane-growing regions of Maharashtra received as much as 115% more rainfall than normal in September, weather department data showed.

Maharashtra has produced 9 million tons of sugar so far this season, and nearly half of the 207 mills that began crushing have already shut due to cane shortages, said a senior state government official, who declined to be named as he is not authorised to speak to media.

The downward revision in sugar output, coupled with an expected rise in seasonal summer demand from next month, is likely to support prices, a Mumbai-based dealer said.

India on Friday allowed the export of an additional 500,000 tons of sugar, on top of the 1.5 million tons approved earlier, taking total export quota for the year to 2 million tons.

"Mills are fetching higher prices in the domestic market, so they have little incentive to export. Indian shipments are unlikely to exceed 700,000 tons," said Shaikh.

(Reporting by Rajendra Jadhav; Editing by Mrigank Dhaniwala)

(([email protected]; Reuters Messaging: x.com/Rajendra1857))

Adds context on possible impact on markets and producers, background, in paragraphs 2-10

By Rajendra Jadhav

MUMBAI, Nov 14 (Reuters) - India allowed sugar exports of 1.5 million metric tons in the new season, the government said in a notification on Friday, as a decline in the diversion of sugar for ethanol production is expected to leave a larger domestic surplus.

Higher exports from the world's second-largest sugar producer could pressure benchmark New York and London futures SBc1, LSUc1, which are hovering near five-year lows.

Exports will help reduce sugar stocks in the country and support local prices, benefiting producers such as Balrampur Chini Mills BACH.NS, EID Parry EIDP.NS, Dalmia Bharat DALB.NS, and Shree Renuka Sugars SRES.NS.

A 1.5 million ton export quota has been shared among operating sugar mills on a pro-rata basis, based on their average sugar production over the last three seasons, the government said in the notification.

All grades of sugar are permitted for export.

India was the world's second-largest sugar exporter in the five years to 2022/23, with shipments averaging 6.8 million tons annually. But a drought led the government to ban sugar exports in 2023/24, and it allowed only 1 million tons to be shipped overseas last year.

India's net sugar output for the 2025/26 season that started on Oct. 1 is estimated at 30.95 million tons after diverting about 3.4 million tons for ethanol production, up 18.5% from last year, according to the Indian Sugar & Bio-Energy Manufacturers Association (ISMA).

ISMA last week demanded New Delhi allow exports of 2 million tons of sugar in the new season.

The industry body had earlier expected a diversion of 4.5 million to 5  million tons of sugar for ethanol this year, but only 28% of the total allocation for the biofuel went to sugar-based ethanol, with the remainder allocated to feed-based ethanol plants.

Sugar mills can export their allocated quota, either directly or through merchant exporters or refineries, until 30 September 2026, the notification said.

Mills that do not wish to use their export quota may surrender it by 31 March 2026, after which the government will reallocate the unused quotas to other mills.

India also removed its 50% duty on the export of molasses, the government said.

(Reporting by Rajendra Jadhav and Nishit Navin; Editing by Anil D'Silva; Editing by Anil D'Silva)

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Sept 18 (Reuters) - Shree Renuka Sugars Ltd SRES.NS:

• RECEIVES PENALTY ORDER FROM TAX COMMISSIONER OF 5 MILLION RUPEES

Further company coverage: SRES.NS

(([email protected];;))

** Shares of sugar companies rally after India allows production of ethanol from sugarcane juice, syrup, and all types of molasses

** Starting November 1, sugar mills and distilleries are allowed to produce ethanol without any quantitative restriction

** Shree Renuka Sugars SRES.NS and Dhampur Mills DAMS.NS rise the most to 12% and 10%, respectively

** Avadh Sugar AVAD.NS, Bajaj Hindusthan Sugar BJHN.NS climb ~8% each

** Balram Chini Mills BACH.NS rises 6.5%

** EID-Parry EIDP.NS up 1.7%, Dalmia Bharat DALB.NS trades flat

** Government to periodically review sugar diversion to ethanol to ensure year-round domestic availability

** India restricted production in the current marketing year because of a drop in sugarcane supplies

(Reporting by Urvi Dugar)

(([email protected];))

July 1 (Reuters) - Shree Renuka Sugars Ltd SRES.NS:

• SHREE RENUKA SUGARS LTD - UNIT GETS TAX PENALTY OF 47.5 MILLION RUPEES

Source text: ID:nNSE6bPvl0

Further company coverage: SRES.NS

(([email protected];;))

Feb 11 (Reuters) - Shree Renuka Sugars Ltd SRES.NS:

• DEC-QUARTER CONSOL NET LOSS 2.04 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE 24.78 BILLION RUPEES

Source text: ID:nBSE155Kwt

Further company coverage: SRES.NS

(([email protected];;))

** Indian sugar companies gain between 2.4% and 6.6%

** Indian government preparing for final decision on proposed ethanol price increase, ET Now reports citing sources

** Report says price of ethanol made from B-heavy molasses expected to rise by ~2 rupees/litre, while price of ethanol made from sugarcane juice likely to climb 1.50 rupees/litre

** Balrampur Chini Mills BACH.NS, Bajaj Hindusthan Sugar BJHN.NS, Dhampur Sugar Mills DAMS.NS, Dalmia Bharat Sugar and Industries DLMI.NS, E.I.D. - Parry (India) EIDP.NS, Shree Renuka Sugars SRES.NS, Triveni Engineering and Industries TREI.NS up 2.4%, 3.9%, 6.6%, 4.8%, 3%, 4.1% and 2.9%, respectively

** In 2024, BJHN, BACH, TREI, EIDP advanced 9.2%, 29.1%, 32.3%, 60.5%, respectively; SRES lost 16.3%, DLMI fell 12% and DAMS shed 36.3%

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

** Shares of Indian sugar companies jump between 3% and 7%

** ET Now reports citing sources that India is likely to lift restrictions on sugar exports

** India, the world's biggest sugar producer after Brazil, had banned mills from exporting the sweetener from Oct. 1, 2023

** Triveni Industries and Engineering TREI.NS, Shree Renuka Sugars SRES.NS, Dalmia Bharat Sugar DLMI.NS, Bajaj Hindusthan Sugar BJHN.NS and Balrampur Chini Mills BACH.NS jump 3%, 4.5%, 5.5%, 7.0%, and 7.2%, respectively

** In 2024, SRES fell 16%, DLMI was down 12%, while BJHN, BACH and TREI rose 9%, 29% and 32%, respectively

(Reporitng by Nishit Navin)

(([email protected];))

By Rajendra Jadhav

MUMBAI, Dec 23 (Reuters) - Sugarcane yields in India are declining due to last year's drought and this year's excessive rains, which could reduce the country's sugar production below consumption levels for the first time in eight years, farmers and industry officials said on Monday.

Lower-than-expected output by the world's second-largest sugar producer could eliminate the possibility of India allowing exports in the current season ending in September 2025, supporting global sugar prices SBc1, LSUc1.

Maharashtra, Karnataka, and Uttar Pradesh account for more than 80% of the country's total sugar production, with lower cane yields in these states prompting trade houses to reduce their output estimates for the 2024/25 season.

The production could fall to around 27 million metric tons from the last year's 32 million tons and below annual consumption of more than 29 million tons, said India head of a global trade house, who declined to be named.

"During the summer months, the cane crop faced prolonged stress due to the lack of water," B.B. Thombare, president of the West Indian Sugar Mills Association told Reuters.

"When the monsoon season began, there was excessive rainfall and limited sunshine, which also adversely affected the crop's growth."

The adverse weather curtailed cane yields by 10 to 15 tons per hectare, Thombare said.

The western state of Maharashtra and neighbouring Karnataka, which together produce nearly half of India's sugar, received lower-than-average rainfall in 2023, bringing down reservoir levels.

"Usually, we harvest 120 to 130 tons of cane from one hectare of land, but this year yields have fallen to 80 tons despite all our efforts," says Shrikant Ingle, who cultivated cane on five acres of land in Maharashtra's Solapur.

Drought did not affect the crop in Uttar Pradesh, the country's leading sugar-producing state in the north.

However, plantations in the state were impacted by red rot disease, which reduced sugarcane yields, said a senior state government official.

"To control the spread of the disease, we are advising farmers to adopt new cane varieties," the official said.

The downward revision in the production estimate has eliminated the possibility of any exports in the current season, the head of the trade house said.

Sugar industry seeks 2 million tons of exports, while the government says it may allow limited exports, if any surplus remains after ethanol needs are met.

(Reporting by Rajendra Jadhav; Editing by Janane Venkatraman)

(([email protected]; Reuters Messaging: x.com/Rajendra1857))

By Rajendra Jadhav

MUMBAI, Dec 5 (Reuters) - Sugar prices in India fell to their lowest level in 1-1/2 year due to ample supplies, making it difficult for mills to pay farmers the cane price as the crushing season gains momentum, industry officials told Reuters.

The fall in prices is prompting industry to demand immediate revision in minimum selling price (MSP) to limit losses, which will improve mills' margins and allow them to make timely cane payments to millions of cane growers.

"Sugar prices have fallen below the cost of production. This makes it difficult for mills to pay the revised cane price unless sugar prices rise," said B.B. Thombare, president of the West Indian Sugar Mills Association.

Wholesale sugar prices SUG-ARSKOL-NCX at Kolhapur in western state of Maharashtra have fallen nearly 8% in past four months to 33,675 rupees ($397.60) per ton, the lowest since June 2023.

The government should quickly raise the MSP above 40,000 rupees per ton to make cane crushing viable for sugar mills, Thombare said.

Indian trade bodies have been demanding an increase in the MSP, saying the government has raised the mandatory procurement price of sugarcane in recent years while the MSP has remained unchanged since 2019.

Sugar prices are falling as demand has decreased after the festival season, and new season supplies have begun, said Ashok Jain, president of the Bombay Sugar Merchants Association.

Indian mills have produced 2.79 million metric tons of sugar since the current season began on Oct. 1, down 35.4% year on year, a leading industry body said on Monday.

Mills in Maharashtra, which recently underwent state elections, sold more sugar than allocated, as mills controlled by politicians needed funds for election campaigns, said a Mumbai-based trader.

"The market was flooded with sugar in the past two months. This is why mills are now struggling to sell sugar, even at lower prices," the trader said.

($1 = 84.6950 Indian rupees)

(Reporting by Rajendra Jadhav; editing by David Evans)

(([email protected]; Reuters Messaging: x.com/Rajendra1857))

Oct 29 (Reuters) - Shree Renuka Sugars Ltd SRES.NS:

• EXPECT IMPROVED CANE CRUSHING IN THE FORTHCOMING SEASON

Source text: ID:nBSE8HZ3Mg

Further company coverage: SRES.NS

(([email protected];;))

Oct 28 (Reuters) - Shree Renuka Sugars Ltd SRES.NS:

• SEPT-QUARTER CONSOL NET LOSS 223 MILLION RUPEES

• SEPT-QUARTER CONSOL TOTAL INCOME 25.78 BILLION RUPEES

Source text: ID:nNSE4Qzz6F

Further company coverage: SRES.NS

(([email protected];;))

* India's sugar companies jump between 6.5% and 10.2%

* Food minister on Thursday said that India is considering raising domestic prices of ethanol and sugar

* Shree Renuka Sugars SRES.NS, Balrampur Chini Mills BACH.NS, Bajaj Hindusthan Sugar BJHN.NS, EID Parry (India)EIDP.NS rose 10.2%, 6.5%, 8.3%, and 3.6%, respectively

* YTD SRES up ~12%, while BACH, BJHN, and EIDP gained ~58%, ~55%, and ~54%, respectively

(Reporting by Vijay Malkar)

(([email protected];))

** Shares of Indian sugar makers down between 2%-3%

** India plans to extend a ban on sugar exports for the second straight year as it grapples with the prospects of lower cane output, government sources told Reuters

** Shree Renuka Sugars SRES.NS down 3%

** Balrampur Chini Mills BACH.NS down 2.6%

** Dalmia Bharat Sugar and Industries DLMI.NS down 2.4%

** Dwarikesh Sugar Industries DWAR.NS down 2.4%

** Triveni Engineering TREI.NS down 3%

** YTD, SRES is up 0.9%, BACH up ~40%, DLMI up 9.5% while DWAR is down 16.1%, TREI up 38%

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

** Shares of Indian sugar makers gain between 6% and 9%

** Sugar mills in India will be allowed to produce ethanol from cane juice from Nov. 1, the govt said, after imposing curbs in 2023

** Balrampur Chini Mills BACH.NS jumps 6.2%, Shree Renuka Sugars SRES.NS gains 7.4% and Bajaj Hindusthan Sugar BJHN.NS adds 8.5% in early trade

** BACH has gained 50% YTD, while SRES and BJHN advanced 8% and 58%, respectively

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

Adds details, comments from industry officials

By Rajendra Jadhav

MUMBAI, Aug 29 (Reuters) - India will allow sugar mills to use cane juice or syrup to produce ethanol in the new marketing year starting Nov. 1, the government said in a notification on Thursday.

The world's second-biggest sugar producer imposed restrictions on diverting sugar for ethanol production in December 2023 to increase sugar output after cane crop was hit by below-average monsoon rains.

In the new season, distilleries can also use B-heavy molasses, a byproduct with higher sucrose levels, for ethanol production, the government said in the notification.

Around 750,000 metric tons of B-heavy molasses are lying in stock with mills after the government restricted ethanol production from this feedstock last year, said Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories Ltd.

"Now that the restriction is lifted, they can use these stocks," Naiknavare said.

Indian sugar mills such as E.I.D.-Parry EIDP.NS, Balrampur Chini Mills BACH.NS, Shree Renuka SRES.NS, Bajaj Hindusthan BJHN.NS, and Dwarikesh Sugar DWAR.NS have increased their ethanol production capacity in the last few years.

The south Asian country also allowed distilleries to purchase up to 2.3 million metric tons of rice from the state-run Food Corporation of India (FCI) for ethanol production, the government said in a separate notification.

"The permission to utilise FCI rice as a feedstock will enhance ethanol production from dual-feed distilleries," said Vijay Nirani, managing director of TruAlt Bioenergy Ltd.

The two policy changes will not only help increase ethanol blending in gasoline but also help mills and distilleries make timely cane payments to millions of farmers, Nirani said.

India aims to increase ethanol production to blend 20% ethanol into gasoline by 2025-26, from around 13% now.

(Reporting by Rajendra Jadhav; Editing by Kirsten Donovan and Devika Syamnath)

(([email protected]; +91-22-68414378 ; Reuters Messaging: [email protected]))

Repeats July 27 story to reach additional subscribers with no changes to text

By Rajendra Jadhav

MUMBAI, July 27 (Reuters) - India will make a decision on sugar industry calls for a hike in the minimum selling price (MSP) in the coming days, a senior government official said on Saturday, adding that ethanol policies would be set before the start of the next season.

India, the world's largest sugar consumer, restricted the use of sugar in ethanol production during the 2023/24 marketing year that ends on Sept. 30 and also prohibited exports to keep a lid on domestic prices.

"We are discussing the MSP (proposal). In the coming days, we will hopefully take a call," Food Secretary Sanjeev Chopra told reporters during a conference.

The sugar-processing industry has been demanding an increase in the minimum selling price, saying the government has raised the mandatory procurement price of sugarcane in recent years while the MSP has remained unchanged since 2019.

Industry bodies say a higher MSP would enable them to make timely payments to millions of sugarcane farmers in the upcoming season starting on Oct. 1.

Chopra said the production outlook for the next season has improved due to good monsoon rainfall and increased sugarcane acreage, allowing the government to formulate policies for the next year.

The sugarcane area has edged up to 5.77 million hectares (14.3 million acres) from 5.7 million hectares (14.1 million acres) a year ago, farm ministry data showed.

"We should be having very healthy stocks at the end of the present sugar season, which would allow us to have better planning of its diversion in the next year," Chopra said, referring to sugar's use in ethanol production.

India is expected to begin the new marketing year with carryover stocks of 8 million to 8.5 million metric tons, he said.

(Reporting by Rajendra Jadhav;
Editing by Helen Popper)

(([email protected]; +91-22-68414378 ; Reuters Messaging: [email protected]))

By Rajendra Jadhav

MUMBAI, July 27 (Reuters) - India will make a decision on sugar industry calls for a hike in the minimum selling price (MSP) in the coming days, a senior government official said on Saturday, adding that ethanol policies would be set before the start of the next season.

India, the world's largest sugar consumer, restricted the use of sugar in ethanol production during the 2023/24 marketing year that ends on Sept. 30 and also prohibited exports to keep a lid on domestic prices.

"We are discussing the MSP (proposal). In the coming days, we will hopefully take a call," Food Secretary Sanjeev Chopra told reporters during a conference.

The sugar-processing industry has been demanding an increase in the minimum selling price, saying the government has raised the mandatory procurement price of sugarcane in recent years while the MSP has remained unchanged since 2019.

Industry bodies say a higher MSP would enable them to make timely payments to millions of sugarcane farmers in the upcoming season starting on Oct. 1.

Chopra said the production outlook for the next season has improved due to good monsoon rainfall and increased sugarcane acreage, allowing the government to formulate policies for the next year.

The sugarcane area has edged up to 5.77 million hectares (14.3 million acres) from 5.7 million hectares (14.1 million acres) a year ago, farm ministry data showed.

"We should be having very healthy stocks at the end of the present sugar season, which would allow us to have better planning of its diversion in the next year," Chopra said, referring to sugar's use in ethanol production.

India is expected to begin the new marketing year with carryover stocks of 8 million to 8.5 million metric tons, he said.

(Reporting by Rajendra Jadhav;
Editing by Helen Popper)

(([email protected]; +91-22-68414378 ; Reuters Messaging: [email protected]))

By Rajendra Jadhav and Mayank Bhardwaj

MUMBAI/NEW DELHI, May 1 (Reuters) - India's sugar production has been higher than expected this year after the completion of cane crushing at most of its mills, industry officials said on Wednesday, with a late pick-up in rains raising output.

With the majority of India's sugar mills having now completed crushing for the 2023/24 season, output so far stands at 31.59 million metric tons, according to the National Federation of Cooperative Sugar Factories Ltd (NFCSF).

That is down 1.8% from the previous full year, but already above the around 29 million metric tons expected at the start of the current season due to drought in Karnataka and Maharashtra states.

A handful of mills are still left to report, with only around two dozen of the 532 mills operational this season still in action, the officials said, including two in top sugar-producing state Maharashtra and 13 in the northern state of Uttar Pradesh.

Mills in the southern state of Karnataka and the western state of Gujarat have altogether completed cane crushing.

November rains helped the sugarcane crop, and yields improved, Ravi Gupta, executive director at Shree Renuka Sugars Ltd SRES.NS, a leading producer, told Reuters.

Output in Maharashtra has jumped to 11 million tonnes, up from 10.53 million tonnes produced a year ago, NFCSF said. Production in Karnataka is estimated at 5.26 million tons, lower than last year's 5.8 million tons but above initial estimates.

However Uttar Pradesh was expected to be a laggard, with production so far around 10.4 million metric tons, according to a senior industry official who did not wish to be named, and output still to be reported likely to be marginal.

It had been forecast to churn out more than 11.5 million tons of sugar this year.

Red rot disease hit the cane crop in Uttar Pradesh, while cane was diverted for the production of alternative sweeteners such as jaggery, said Avantika Saraogi, executive director at Balrampur Chini Mills BACH.NS, a leading producer.

(Reporting by Rajendra Jadhav and Mayank Bhardwaj; Editing by Jan Harvey)

(([email protected]; Twitter: @MayankBhardwaj9;))

NEW DELHI, April 24 (Reuters) - India has agreed to allow oil marketing companies to procure ethanol by diverting an extra 800,000 metric tons of sugar for biofuel production, a government source said on Wednesday.

Concerns over sugar production due to below normal monsoon rains between June and September had led the world's second-largest to cap the amount that could be diverted for ethanol in the current season to end-September at 1.7 million metric tons.

But as the supply situation has improved as a result of unseasonal rainfall in Maharashtra and Karnataka, the government has agreed to the diversion of an additional 800,000 tons of sugar for ethanol production, said the senior industry official.

"Many sugar mills produced B-heavy molasses in anticipation of ethanol production. However, these stocks remain unused after the government capped the diversion of sugar for ethanol. Mills can now use stored B-heavy molasses for ethanol production," said the official, who spoke on condition of anonymity.

(Reporting by Mayank Bhardwaj and Rajendra Jadhav; Editing by Alexander Smith)

(([email protected]; +91-22-68414378 ; Reuters Messaging: [email protected]))

By Rajendra Jadhav

MUMBAI, April 23 (Reuters) - India's sugar consumption this year is poised to hit a record high as demand during the peak summer season gets a boost from heat waves and the mobilisation of millions for elections in the scorching temperatures.

Higher consumption would lift local prices and boost margins of sugar producers such as Balrampur Chini BACH.NS, Shree Renuka Sugars SRES.NS, Bajaj Hindusthan BJHN.NS, and Dwarikesh Sugar DWAR.NS and help them in making cane payments on time to farmers.

Consumption of cold drinks and ice cream, and as a result demand for sugar, rises in India during the summer months roughly from mid-March to mid-June.

But this year demand is above average as heat waves and election rallies boost consumption of ice-cream and soft drinks, said Avantika Saraogi, executive director at Balrampur Chini Mills.

Maximum temperatures in many parts of India have risen above 40 degrees Celsius, and the weather department has forecasted that the country is likely to experience more heat-wave days than normal between April and June.

During the harsh summer, India is hosting the world's largest election, in which nearly a billion people will be eligible to vote.

Political parties hold huge rallies, some attended by as many as 200,000 people, undeterred by the sweltering heat, which only intensifies as the campaign picks up pace.

Earlier this week, following an energetic election rally at Pune in the scorching afternoon sun, dedicated workers of a political party flocked to a nearby restaurant to quench their thirst with refreshing soft drinks.

"It's sweltering out there. We need something icy to keep us going in this heat," said Mahesh Pawar, one of the workers.

"We're grateful to our leader for providing us with these refreshing beverages to keep our spirits high."

SWEET SUMMER

India's sugar consumption in during April-June could rise to 7.5 million tons, up 5% from a year ago, said a Mumbai-based dealer with a global trade house.

This year's unusual rise in consumption is temporary, with demand growth returning to a normal pace next year, said Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories Ltd.

"But right now the industry is experiencing an unusual boost in demand. This is expected to lift total consumption this year to a record 29 million metric tons," Naiknavare said.

India's sugar consumption in the 2022/23 marketing year, which ended on Sept. 30, stood at 27.85 million tons.

Higher demand has already begun lifting sugar prices, which have risen nearly 3% in a fortnight.

The government has allocated a higher quota for April compared to last year, but prices are still rising due to robust demand from bulk consumers, said Ashok Jain, president of the Bombay Sugar Merchants Association.

(Reporting by Rajendra Jadhav; editing by David Evans)

(([email protected]; +91-22-68414378 ; Reuters Messaging: [email protected]))

** Shares of sugar firms EID Parry EIDP.NS, Balrampur Chini Mills BACH.NS, Shree Renuka Sugars SRES.NS, Dwarikesh Sugar DWAR.NS, Bajaj Hindusthan Sugar BJHN.NS settle 1.5%-5% lower

** Indian government on Monday ruled out possibility of allowing sugar exports in 2023-24 season ending October, newspaper Business Standard reported, citing Press Trust of India

** Sugar exports in India currently curbed for an indefinite period

** Fall amid broader sell-off in the markets, benchmark Nifty 50 .NSEI settled 1.1% lower

** YTD, BJHN and EIDP up 11.3% and 9.3%, respectively, while SRES, BACH and DWAR down 8.4%-15.7%

(Reporitng by Nishit Navin)

(([email protected];))

Feb 28 (Reuters) - Shree Renuka Sugars Ltd SRES.NS:

• SHREE RENUKA SUGARS LTD - NCLT APPROVED REDUCTION OF SHARECAPITAL OF UNIT COMPANY

Source text for Eikon: ID:nNSE8WsCBP

Further company coverage: SRES.NS

(([email protected];))

** Shares of sugar cos Dwarikesh Sugar DWAR.NS, Balrampur Chini Mills BACH.NS, EID Parry EIDP.NS, Shree Renuka Sugars SRES.NS and Bajaj Hindusthan Sugar BJHN.NS down between 1%-3%

** India says it will raise floor price that mills must pay for sugar cane in the 2024/25 season by 8% from Oct. 1

** Govt fixes buying price of sugar cane at 340 rupees ($4.10) per 100 kg for next season, up from this year's 315 rupees

** As of YTD, DWAR down 7.4%, BACH fallen nearly 8%, while SRES, EIDP and BJHN up between 3%-34%

($1 = 82.9140 Indian rupees)

(Reporting by Rama Venkat in Bengaluru)

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** Shares of Shree Renuka Sugars SRES.NS trims some losses to trade 5.5% lower; down as much as 6.4% at 49.2 rupees earlier in the session

** Co on Friday posted consol net loss of 1.72 bln rupees ($20.7 mln) for Dec-qtr compared with a profit of 143 mln rupees a year earlier

** Its expenses rose 23% y/y, outpacing rev growth of 18%

** Peers K.M. Sugar Mills KMSU.NS, Dwarikesh Sugar Industries DWAR.NS, Triveni Engineering TREI.NS posted fall in Q3 profit, while Dalmia Bharat Sugar DLMI.NS reported a flat profit

** SRES set for worst one-day fall since Dec. 8, when sugar stocks fell after govt's plans to curb ethanol production

** Stock fell ~19% in 2023, after gaining for three consecutive years

($1 = 82.9925 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru)

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Feb 9 (Reuters) - Shree Renuka Sugars Ltd SRES.NS:

• APPROVED FUND RAISING THROUGH ISSUE OF SHARES TO QUALIFIED INSTITUTIONAL BUYERS

• TO ISSUE SHARES WORTH UP TO 25 BILLION RUPEES

• DEC-QUARTER CONSOL NET LOSS 1.72 BILLION RUPEES VERSUS PROFIT 142 MILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 30.14 BILLION RUPEES VERSUS 25.52 BILLION RUPEES

Source text for Eikon: ID:nBSE5RJ30p

Further company coverage: SRES.NS

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