Govt issues export release orders for 91,685 tonnes of sugar

The food ministry has issued export release orders for 91,685.91 tonnes of sugar to 83 mills. The release orders for nine mills were not approved due to problems in their agreements or applications

New Delhi: The food ministry has issued export orders for nearly 92,000 tonnes of sugar to mills till last week out of the total quantity of five lakh tonnes that the government has allowed for outbound shipment, reports PTI.

Sugar mills cannot export their produce without a release order from the food ministry.

On 22nd March, an Empowered Group of Ministers (EGoM) on food headed by finance minister Pranab Mukherjee had allowed mills to export 5 lakh tonnes of sugar under an Open General Licence (OGL), which do not entail any restrictions.

The decision was notified on 19th April. Out of five lakh tonnes, 51,500 tonnes was reserved for neighbouring countries.

The remaining quantity was allocated between the mills on the basis of their average production over the last three years.

According to the latest data, the ministry has issued export release orders for 91,685.91 tonnes of sugar to 83 mills. The release orders were not approved for nine mills due to problems in their agreements or applications.

The EGoM had decided to allow mills to export a small quantity of 5 lakh tonnes as the country’s output is estimated to cross domestic consumption after a gap of two seasons.

Prior to this, the government had allowed mills to fulfil their export obligation of about one million tonnes.

Sugar production of India—the world’s second largest producer after Brazil—is estimated to rise to 24.5 million tonnes in the 2010-11 sugar year (October-September) from 19 million tonnes in the previous year. The country’s annual demand is pegged at 22 million tonnes.

In the 2008-09 and 2009-10 sugar years, sugar production was below domestic consumption at 14.53 million tonnes and nearly 19 million tonnes, respectively. The country had to import about six million tonnes of sugar to meet the shortfall.

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Mundra Port FY11 net up 35.82% at Rs918.14 crore

Mundra Port and Special Economic Zone reported a net profit of Rs676 crore in 2009-10

Mundra Port and Special Economic Zone (MPSEZL), an Adani Group firm, today reported a growth of 35.82% in its consolidated net profit at Rs918.14 crore for the year ended 31 March 2011. The company had reported a net profit of Rs676 crore in 2009-10.

Net sales of the company during the year rose by 33.74% to Rs2,000.11 crore vis-a-vis Rs1,495.52 crore in FY10, it said in a filing to the Bombay Stock Exchange.

During the year, Mundra Ports’ revenues from port and SEZ activities was at Rs1,863.40 crore, registering a growth of 34.29%, the filing said, the company had earned Rs1,387.53 crore from the same segment in 2009-10.

However, the company did not report its financial numbers for the quarter ended 31 March 2011.

On standalone basis, the company’s net profit was Rs986.16 crore in FY11, registering a growth of 40.68% compared to Rs700.98 crore it had reported last fiscal. Its net sales were also up by 40.73% at Rs1,792.82 crore.

The Adani Group firm had announced last week that it has acquired long term lease to Abbot Point Coal Terminal in Queensland, Australia for about $1.8 billion, which also marks the beginning of the company’s business expansion outside India.

The port, known as Abbot Point X50 Coal Terminal (APCT), is a profit-making port with expected revenue of 110 million Australian dollars in 2011. It presently has two berths capable of handling cape-size vessel of over two lakh tonnes dead weight tonnage (DWT), with annual installed capacity to load 50 million tonnes.

The company has recently won a contract for developing an import coal terminal at Vishakhapatnam in Andhra Pradesh, while it aims to handle 200 million tonnes per annum cargo by 2020.

On Monday, MPSEZL ended 1.14% down at Rs130.50 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.05% to 18,528.96 points.

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Welspun wins line pipe orders worth Rs788 crore

The current order book of Welspun Corp stands at Rs6,941 crore

Welspun Corp, the flagship company of the Welspun Group, said it has won orders worth Rs788 crore for plates, coating and other line pipe items.

“With these orders, the current order book of the company stands at Rs6,941 crore,” the company said in a filing to the Bombay Stock Exchange.

Commenting on the order, Welspun chairman BK Goenka said, “With the oil and gas sector showing signs of revival, the market is looking bullish. We are positive that with our technical expertise, coupled with global reach, the company will delivery high quality products and services to our customer.”

Welspun Corporation is among the largest line pipe companies in the world and has a manufacturing capacity of two million tonnes per annum at Dahej in Gujarat. The company also has manufacturing facilities in the United States of America and Saudi Arabia.  On Monday, Welspun ended 0.85% up at Rs189.05 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.05% to 18,528.96 points.

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