Connect with us

Top News

Low closing stock levels of sugar to support prices: ICRA

Published

on

New Delhi, Oct 30 (IANS) The low closing stock levels of sugar in the Indian markets are likely to support the sweet commodity’s prices in the near term, rating agency ICRA said on Monday.

“Domestic sugar production is expected to increase by around 20-23 per cent to around 24.5-25 million tonnes (MT) during sugar year (SY)2018, from 20.30 MT during SY2017,” the domestic rating agency said in a release.

“Despite the increase in sugar production, the same would at best be at the same level as per ICRA’s’estimate of consumption of around 24.5-25 MT in SY2018, resulting in a tight stock position.

“Thus, the low closing stock levels of sugar in the domestic market are likely to support the sugar prices in the near term,” it added.

Noting that domestic prices have remained firm since March, with neither imposing nor withdrawal of import duty not making much difference to rates, ICRA noted the government had allowed raw sugar imports of 0.30 million MT at concessional duty last month.

“However, this move did not have any significant negative impact on domestic sugar prices, which are healthy at around Rs 37,000-37,500 per million tonne,” the ICRA report said.

“On the other hand, globally sugar prices have been facing significant pressure since November 2016 after peaking at $595/MT in Oct 2016 (four-year high). This was mainly owing to lower sugar import demand from India and China,” it added.

“The movement in domestic prices is expected to remain insulated from international prices owing to the government’s cautious approach towards imports and exports,” said ICRA Group Head Sabyasachi Majumdar.

Meanwhile, the Reserve Bank of India (RBI) has said the Indian sugar industry was seeing profits improve after a gap of several years, with impressive realisations in the past one year, resulting in a 20 per cent reduction its debt burden.

This substantial drop in debt burden has helped the industry post its highest-ever profitability in recent past, according to the latest RBI data.

–IANS
bc/nir/vm

Continue Reading

Top News

Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

Published

on

By

World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

Continue Reading

Trending