No plan to produce or export raw sugar: says Ponni Sugars

Govt approves fixed rate of Rs. 4,000 per metric tonne for sugar

Feb 20, 2015 01:02 IST India Infoline News Service

Shares of Ponni Sugars (Erode) Ltd closed down 0.54% at Rs. 222 on BSE today. The stock hit an intra-day high of Rs. 235 and a low of Rs. 222 on BSE.

“The Cabinet Committee on Economic Affairs (CCEA) on February 19, 2015 has approved the continuation of the incentive scheme for marketing and promotion services of raw sugar production during current sugar season 2014-15 (October-September) for a quantity of 14 lakh metric tonnes,” Ponni Sugars said in a filing to BSE.

The CCEA further approved fixed uniform rate of Rs.4000 per metric tonne for 2014-15 sugar season, it added.

According to Ponni Sugars, “The incentive aims at kick-starting sugar exports, shoring up domestic market sentiments and help bringing in additional cash flows to sugar companies for clearing cane dues.”

The Company however has no present plan to produce or export raw sugar.

Meanwhile, the benchmark BSE Sensex closed down 231 points at 29,231 today.

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