DWARKESH

Feb 4 (Reuters) - Dwarikesh Sugar Industries Ltd DWAR.NS:

• DWARIKESH SUGAR INDUSTRIES DEC-QUARTER NET PAT 107.3 MILLION RUPEES

• DWARIKESH SUGAR INDUSTRIES DEC-QUARTER REVENUE FROM OPERATIONS 3.13 BILLION RUPEES

Further company coverage: DWAR.NS

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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)

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Oct 28 (Reuters) - Dwarikesh Sugar Industries Ltd DWAR.NS:

• SEPT-QUARTER NET LOSS AFTER TAX 240 MILLION RUPEES

• SEPT-QUARTER REVENUE FROM OPERATIONS 2.46 BILLION RUPEES

Source text: [ID:]

Further company coverage: DWAR.NS

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** 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)

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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)

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BENGALURU, Aug 2 (Reuters) - India's Dalmia Bharat Sugar and Industries DLMI.NS reported a 10.8% fall in first-quarter profit on Friday, hurt by higher inventory and expenses.

The company, which supplies sugar to companies like Coca-Cola KO.N, Britannia BRIT.NS, Dabur DABU.NS, and Carlsberg CARLb.CO, reported consolidated net profit of 547.3 million rupees ($6.5 million), compared to 613.4 million rupees year ago.

Revenue from operations rose 15.2% to 9.6 billion rupees. However, total expenses rose 19.2% to 9.01 billion rupees.

For further results highlights, click nFWN3JP2T9

KEY CONTEXT

Indian sugar companies have been battling increased inventory costs. While Dalmia Bharat's inventory cost rose more than two-fold in the first quarter, rival Dwarikesh Sugar Industries DWAR.NS and Dhampur Sugar Mills DAMS.NS saw those expenses grow more than five-fold and nearly 10% respectively.

India, the world's largest sugar consumer and second-biggest producer, 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, leading to a larger inventory for the companies.

PEER COMPARISON

* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

APRIL-JUNE STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 83.7250 Indian rupees

(Reporting by Ashish Chandra in Bengaluru)

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July 31 (Reuters) - Dwarikesh Sugar Industries Ltd DWAR.NS:

• DWARIKESH SUGAR INDUSTRIES JUNE-QUARTER NET LOSS 97.3 MILLION RUPEES

• DWARIKESH SUGAR INDUSTRIES JUNE-QUARTER REVENUE FROM OPERATIONS 3.41 BILLION RUPEES

Source text for Eikon: ID:nBSE1T5S2K

Further company coverage: DWAR.NS

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BENGALURU, May 14 (Reuters) - India's Dalmia Bharat Sugar and Industries DLMI.NS reported a near 25% fall in fourth-quarter profit on Tuesday, hurt by a drop in sales in its mainstay refined sugar segment.

WHY IT'S IMPORTANT

India, the world's second-largest sugar producer, has not allowed exports in the current season to keep a lid on local prices, due to the elections and uneven rainfall in the primary sugarcane-growing states of Maharashtra and Karnataka.

Peers Dhampur Sugar Mills DAMS.NS and Dwarikesh Sugar Industries DWAR.NS too reported a fall in their respective quarterly profits.

With the majority of India's sugar mills having completed crushing for the 2023/24 season, output as of May 1 stands at 31.59 million metric tons, according to the National Federation of Cooperative Sugar Factories, down 1.8% from the previous full year.

CONTEXT

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.

Dalmia Bharat Sugar's major business segments include sugar and distillery. It supplies sugar to companies like Coca-Cola, PepsiCo, Britannia, Walmart India, Dabur, United Breweries, and Carlsberg.

The company also sells ethanol to Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum, according to its website.

BY THE NUMBERS

Dalmia Bharat Sugar reported a consolidated net profit of 933.7 million Indian rupees ($11.2 million) for the quarter ended March 31, compared with 1.24 billion rupees last year.

Revenue from operations fell 34.8% to 7.5 billion rupees.

Total sugar sales fell 42.2% during the quarter.

The company recommended a dividend of 1.25 rupees per share for fiscal 2024.

GRAPHIC

($1 = 83.4800 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru; Editing by Varun H K and Vijay Kishore)

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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)

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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)

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** Shares of Dwarikesh Sugar Industries DWAR.NS rise as much as 7.1% to 86.8 rupees

** Dwarikesh approved on Friday a share buyback proposal of 315 million rupees worth of shares

** DWAR stock had risen last week on the buyback proposal, pushing the weekly gains up 3.9% and snapping four straight weekly loss

** Co is engaged in diversified businesses, ranging from making sugar, ethanol to power.

(Reporting by Anisha Ajith in Bengaluru)

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March 8 (Reuters) - Dwarikesh Sugar Industries Ltd DWAR.NS:

• APPROVED PROPOSAL FOR BUYBACK

• TO BUYBACK SHARES WORTH UP TO 315 MILLION RUPEES

• BUYBACK PRICE AT 105 RUPEES PER SHARE

• BUYBACK VIA TENDER OFFER ROUTE

Source text for Eikon: ID:nBSE510xrR

Further company coverage: DWAR.NS

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** Shares of Dwarikesh Sugar Industries DWAR.NS rose as much as 3.6% to 84.80 rupees

** Sugar producer said on Friday it would consider proposal of buyback of shares when the board meets on March 8

** Stock last up 1.5%, on track for third straight session of gain

** DWAR rose a marginal 0.06% on Saturday in a special trading session

** Stock trims YTD losses to 4.4% after falling ~17% in 2023

(Reporting by Kashish Tandon in Bengaluru)

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March 1 (Reuters) - Dwarikesh Sugar Industries Ltd DWAR.NS:

• TO CONSIDER A PROPOSAL FOR BUYBACK

Source text for Eikon: ID:nBSE9zVBnZ

Further company coverage: DWAR.NS

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** 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)

(([email protected]; https://twitter.com/ramavenkat0607;))

** 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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** Shares of sugar maker K.M. Sugar Mills KMSU.NS slide ~6%, their steepest drop since Oct 2023

** Co reported a ~85% plunge in Q3 consol profit; rev from ops fell 39.5%, while input costs swelled ~72%

** Stock had gained 15.5% in past 2 days on heavy vols

** Dalmia Bharat Sugar DLMI.NS, Dwarikesh Sugar DWAR.NS and Dhampur Sugar Mills DAMS.NS also reported Q3 profit fall

** Shares of DWAR and DAMS fell nearly 17% each in Q3, while KMSU and DMLI fell less than 10%

** Over 2.2 mln KMSU shares traded on the day, ~3x the 30-day avg but less than previous two session

(Reporting by Manvi Pant in Bengaluru)

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Jan 30 (Reuters) - Dwarikesh Sugar Industries Ltd DWAR.NS:

• DEC-QUARTER NET PROFIT 98.1 MILLION RUPEES VERSUS PROFIT 105.2 MILLION RUPEES

• DEC-QUARTER REVENUE FROM OPERATIONS 3.13 BILLION RUPEES VERSUS 3.84 BILLION RUPEES

Source text for Eikon: ID:nBSE1ZzrGg

Further company coverage: DWAR.NS

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NEW DELHI, Dec 29 (Reuters) - India's state fuel retailers have raised procurement prices for ethanol made from C-heavy molasses by 6.87 rupees/litre, according to documents seen by Reuters on Friday.

(Reporting by Nidhi Verma; Editing by Savio D'Souza)

** Indian sugar cos' shares rise after govt says it plans to allow sugar mills to divert up to 1.7 mln metric tons of sugar for ethanol production

** Shares of Dwarikesh Sugar DWAR.NS, EID Parry EIDP.NS, Shree Renuka Sugars SRES.NS, Balrampur Chini Mills BACH.NS, Triveni Engineering TREI.NS and Dhampur Sugar DAMS.NS up 3.5%-6.5%

** EID Parry and Balrampur Chini Mills are top gainers among the six sugar companies, up 3.5% and 5.3% each

** Dwarikesh Sugar and Dhampur Sugar are top pct gainers, rising 6% and 6.5%, respectively

** EIDP hits near 1-yr high, SRES and DWAR set to gain most since August

** Analysts' average rating on BACH, TREI is equivalent of "buy", per LSEG data

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of Dwarikesh Sugar DWAR.NS end 3.4% higher, snapping a four-day losing run

** Sugar producer says it now produces ethanol from B heavy molasses instead of sugarcane juice or syrup at two of its units

** India govt on Dec. 7 directed sugar mills to not use sugarcane juice or syrup to produce ethanol, but allowed them to continue ethanol production via B heavy molasses

** DWAR shares, which were up 2% before the update, rose to an intraday high of 3.8%

** Including day's gains, stock has nearly halved losses since govt directive to 3.7% from 6.9% on Dec. 8

** Stock down 17.6% so far this year, set to snap 2-year winning run, if trend holds

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

** Shares of sugar companies like Dwarikesh Sugar DWAR.NS, EID Parry EIDP.NS, Shree Renuka Sugars SRES.NS Balrampur Chini Mills BACH.NS, Triveni Engineering TREI.NS, Dhampur Sugar DAMS.NS slump between 4.4%-6.4%

** Stocks slide as Indian government plans to discourage diversion of sugar for ethanol production as part of government efforts to increase sugar output

** Triveni Engineering and Balrampur Chini Mills among the top losers

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Oct 27 (Reuters) - Dwarikesh Sugar Industries Ltd DWAR.NS:

• SEPT-QUARTER NET PROFIT 102.6 MILLION RUPEES VERSUS PROFIT 78.4 MILLION RUPEES

• SEPT-QUARTER REVENUE FROM OPERATIONS 4.46 BILLION RUPEES VERSUS 5.40 BILLION RUPEES

Source text for Eikon: ID:nBSE90RbRf

Further company coverage: DWAR.NS

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** Shares of sugar companies like Dwarikesh Sugar DWAR.NS, EID Parry EIDP.NS, Shree Renuka Sugars SRES.NS Balrampur Chini Mills BACH.NS, Triveni Engineering TREI.NS, Dhampur Sugar DAMS.NS up between 2% and 6%

** Rise after global sugar prices hit a 12-year high on Tuesday, on supply tightening

** International Sugar Organisation (ISO) said on Tuesday that 2023-2024 global sugar production will fall 1.2% Y/Y

** Lower sugar production likely to sustain upward trajectory in domestic sugar prices, said analysts at Systematix Institutional Equities

** Rise in sugar prices also due to extension of export curbs by world's second biggest producer India last week

** SRES and BACH among top gainers in small-cap index .NIFSMCP100, which is up 1.13%

(Reporting by Bharath Rajeswaran in Bengaluru)

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By Rajendra Jadhav

MUMBAI, Sept 13 (Reuters) - Sugar output in Maharashtra, India's top producing state, is likely to fall 14% in the 2023/24 crop year to its lowest in four years due to lower cane yields following the driest August in more than a century, industry and government officials told Reuters on Wednesday.

The reduced output could add to food inflation and discourage New Delhi from allowing sugar exports, supporting global prices SBc1, LSUc1 which are already near their highest in more than a decade.

Higher domestic prices will, however, improve margins for producers such as Balrampur Chini BACH.NS, Dwarikesh Sugar DWAR.NS, Shree Renuka Sugars SRES.NS and Dalmia Bharat Sugar DLMI.NS, helping them make payments on time to farmers.

The western state of Maharashtra, which accounts for more than a third of India's sugar output, could produce 9 million metric tons in the 2023/24 season (which begins on Oct. 1), down from 10.5 million tons in 2022/23, said B.B. Thombare, president of the West Indian Sugar Mills Association.

"The sugar cane crop didn't receive ample rainfall during the crucial growth phase this year. In almost all districts, the crop's growth is stunted," he said.

Maharashtra, which often surprises the global sugar market with wide swings in production, received 59% lower rainfall than normal during August.

Maharashtra's sugar commissioner Chandrakant Pulkundwar said he had been informed by representatives from sugar mills during a review meeting that cane yields would be lower this year due to a prolonged dry spell and higher temperatures.

The crop badly needs good rainfall in September to limit damage caused by the dry spell, Pulkundwar said.

India is likely to receive an average amount of rainfall in September, the state-run weather department has forecast, after the driest August in more than a century.

Maharashtra's output is crucial to India's ability to export, making the outlook for overseas shipments dismal for the coming season, a Mumbai-based dealer with a global trading house said, declining to be named due to his company's policy.

In 2021/22 Maharashtra produced a record 13.7 million tons, allowing New Delhi to export a record 11.2 million tons.

As Maharashtra's output fell to 10.5 million tons in 2022/23, India curtailed exports to 6.1 million tons.

New Delhi is expected to ban mills from exporting sugar in the season beginning October, halting shipments for the first time in seven years, three government sources told Reuters last month.

(Reporting by Rajendra Jadhav; Editing by Simon Cameron-Moore)

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

** Shares of Indian sugar manufacturers gain between 2.6% and 13%

** Rise after India announced launch of global biofuel alliance at G20 summit

** India advanced deadline by 5 years for doubling nationwide ethanol blending in gasoline to 20%

** Ethanol is derived from sugarcane through fermentation and is used as alternative to fossil fuels

** Shares of Praj Industries PRAJ.NS hit record high, rising 15.3% to 598 rupees

** Shares of Shree Renuka Sugars SRES.NS, Dwarikesh Sugar Industries DWAR.NS, Balrampur Chini Mills BACH.NS, Dalmia Bharat Sugar and Industries DLMI.NS rise between ~3.5% and 7.2%

** Volumes of SRES.NS, DWAR.NS, BACH.NS and DLMI.NS around 0.7x-0.8x the 30-day avg as of 09:47 a.m IST, while PRAJ volumes at 2.6x the 30-day avg

(Reporting by Anisha Ajith in Bengaluru)

(([email protected]))

** Shares of Indian sugar manufacturers rise between 1.7% and 6.1%

** Sugar prices in India have jumped by more than 3% in a fortnight to their highest level in six years, Reuters reported on Tuesday

** Limited rainfall in the country's key growing regions raised production concerns for the upcoming season which could add to food inflation and discourage New Delhi from allowing sugar exports, supporting global prices which are near their highest in more than a decade

** Balrampur Chini Mills BACH.NS up as much as 2.2%, Shree Renuka Sugars SRES.NS climbs 5.5%, Dalmia Bharat Sugar DLMI.NS gains 8% and Dwarikesh Sugar DWAR.NS adds 3.7%

** Higher prices will, however, improve margins for producers such BACH, DWAR, SRES and DLMI, helping them make payments on time to farmers, dealers told Reuters

(Reporting by Navamya Ganesh Acharya in Bengaluru)

(([email protected]; +91 8805175330 ;))

By Rajendra Jadhav

MUMBAI, Sept 5 (Reuters) - Sugar prices in India have jumped by more than 3% in a fortnight to their highest level in six years, traders and industry officials said, as limited rainfall in the country's key growing regions raised production concerns for the upcoming season.

This could add to food inflation and discourage New Delhi from allowing sugar exports, supporting global prices SBc1, LSUc1 which are near their highest in more than a decade.

"Sugar mills are worried that production could fall sharply in the new season because of drought. They are not willing to sell at lower price," said Ashok Jain, president of the Bombay Sugar Merchants Association.

Higher prices will, however, improve margins for producers such as Balrampur Chini BACH.NS, Dwarikesh Sugar DWAR.NS, Shree Renuka Sugars SRES.NS and Dalmia Bharat Sugar DLMI.NS, helping them make payments on time to farmers, dealers said.

Sugar output could fall by 3.3% to 31.7 million metric tons in the new season starting from Oct. 1 as low rainfall hits cane yields in the western state of Maharashtra and Karnataka in southern India, which together account for more than half of total Indian output, a leading trade body estimated.

Although sugar prices SUG-MMZR-NCX rose to 37,760 rupees ($454.80) per metric ton on Tuesday, their highest since Oct. 2017. Indian prices are nearly 38% lower than the global white sugar benchmark LSUc1.

The price rise will dissuade the Indian government from allowing exports in the new season, Jain said.

India allowed mills to export only 6.1 million metric tons of sugar during the current season to Sept. 30, after letting them sell a record 11.1 million metric tons last season.

New Delhi is expected to ban mills from exporting sugar in the season beginning October, halting shipments for the first time in seven years, three government sources told Reuters last month.

Sugar prices could rise further in the coming months as stocks are falling, and the peak festive season is approaching, said a Mumbai-based trader.

(Reporting by Rajendra Jadhav; Editing by Alexander Smith)

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

July 24 (Reuters) - Dwarikesh Sugar Industries Ltd DWAR.NS:

• JUNE-QUARTER NET PROFIT 406.2 MILLION RUPEES VERSUS 397 MILLION RUPEES

• JUNE-QUARTER REVENUE FROM OPERATIONS 5.71 BILLION RUPEES VERSUS 6.46 BILLION RUPEES

Source text for Eikon: ID:nBSE5cnMLh

Further company coverage: DWAR.NS

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