Minister preempts hoarding of sugar prior to festive season

According to Food and Consumer Affairs Minister Ram Vilas Paswan, sugar mills in the country cannot hold more than 21% of the total output of the current 2016-17 season in stock during September and this needs to be brought down to 8% by the end of October. This is to restrain sugar mills from hoarding and pushing up prices during the upcoming festive season.
 
The minister also informed that there was no shortage of sugar for domestic consumption. The monthly demand for sugar in the country is estimated to be 2-2.25 MT and the demand peaks during the festival months. 
 
Meanwhile, among sugar stocks, Uttam Sugar Mills was trading down by 0.28% at Rs 179.55 per share, Bajaj Hindusthan Sugar was down 1.34% at Rs 14.70, Simbhaoli Sugars was down 0.33% at Rs 30.30 per share. Dwarikesh Sugar Industries was trading up by 0.70% at Rs 64.65 per share, Dhampur Sugar Mills was up 1.25% at Rs 264, EID-Parry was up 0.14% at Rs 319, and Thiru Arooran was up 2.75% at Rs 56 per share.
 
During the pre-lunch hours, Nifty was trading at the 9,829 level, down by 83 points, and Sensex was trading at the 31,487 level, down by 263 points.