Rana Sugars aims to export 1 MT of sugar

“We will have sufficient supply of sugar considering the domestic output (24.2 MT), stock and consumption pattern,” Rana Sugars Ltd managing director, Rana Inderpartap Singh

Integrated sugar manufacturer Rana Sugars has pitched for allowing export of one million tonne (MT) of sweetener so that domestic sugar firms can take advantage of its high global prices.

"We want the Centre to permit 1 MT of sugar export to cash in on high rates of sugar in global markets," Rana Sugars Ltd managing director, Rana Inderpartap Singh told PTI. "The decision should be taken soon by the Centre to avoid a situation similar to what was in the case of wheat crop where despite lifting ban on its export, the shipments remains unfeasible due to low international prices," he said.

Further, he stated that the sweetener rates shot up from $750 per tonne four months back to $875 per tonne, which are enough to give handsome returns to sugar exporters.

"At current global rates, sugar exports fetch Rs38 per kg while in domestic market, rates are hovering around Rs28 per kg. So, the sugar companies can get additional Rs10 per kg," he said. The government has so far allowed export of 1 MT of sugar in phases under Open General License (OGL).

Sugar maker stressed that even after allowing 1 MT of sugar export; the country would have enough stock in hand not to cause any "abrupt" hike in domestic sugar rates.

Sugar industry has pegged the sweetener output at 24.2 MT for the season 2010-11, (October-September) as against 19 MT in previous season. The stock for the last season stands at 5 MT, while the country's sugar consumption is expected at 22.5 MT.

"We will have sufficient supply of sugar considering the domestic output (24.2 MT), stock and consumption pattern," Singh added.

He further pointed out that sugar output for 2011-12; season was expected at 26.5 MT with acreage going up by 5-7% in the country.

Rana Sugars, one of the largest sugar producers in the country has crushing capacity of 15,000 tonnes per day with two units in UP and Punjab. The company saw a big jump in sales to Rs870 crore in 2010-11, compared to Rs 550 crore in the previous fiscal.

On Thursday, Rana Sugars ended flat at Rs5.39 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.81% to 18,502.38.

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L&T wins order worth Rs1,210 crore in Qatar

The substation project will be completed in 18-26 months

Larsen & Toubro's (L&T) Power Transmission and Distribution unit has bagged a major international EPC order valued at Rs1,210 crore from Qatar General Electricity & Water Corporation for supply and construction of 13 extra high voltage  (EHV) substations in Qatar.

This order, part of Qatar Power Transmission System Expansion-Phase 10 (Stage I), is the single largest order for L&T's power transmission and distribution (PT&D) operations in GCC Countries. The project will be completed in 18-26 months.

The scope includes gas insulated switchgears of 220kV, 132kV and 66kV, associated cabling including external EHV cable diversion works, power transformers, 11kV air insulated switchgears, protection and substation automation system including DC system and auxiliaries.

On Thursday, L&T ended 0.68% down at Rs1,798.40 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.81% to 18,502.38.

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HSBC to discontinue services for US clients with offshore accounts

In a letter sent earlier this month to US customers who have accounts with HSBC India, the bank said it is terminating "private banking services to US persons and certain trusts and non-operating companies connected to US persons"

Boston: Under the scrutiny of the US authorities for its tax-evading clients, financial services giant HSBC has said it will severe ties with hundreds of its wealthy American clients, including those of Indian-origin, who have accounts in offshore locations, reports PTI.

In a letter sent earlier this month to US customers who have accounts with HSBC India, the bank said it is terminating "private banking services to US persons and certain trusts and non-operating companies connected to US persons," the Wall Street Journal reported.

Customers have about a month to close their accounts, according to the letter.

An HSBC spokeswoman said a team of advisers "will help affected clients through the transition process".

The report quoted a spokeswoman as saying that HSBC will "no longer offer wealth management services to US resident private clients from locations outside the US," and that American clients "will be better served by our private banking teams in the United States".

Those affected are hundreds of clients with accounts totalling as much as $100 million.

"HSBC is ending the practice of serving wealthy American residents from locations outside the US as a way of cooperating with the US and avoiding the fate of rivals that were fined or threatened with prosecution for assisting tax scofflaws," the report quoted people familiar with the matter as saying.

Federal authorities have also asked HSBC India to send letters to customers encouraging them to come forward to the IRS, the WSJ report said, adding that HSBC has complied with that request via a separate set of letters.

The IRS is offering reduced, yet stiff penalties for US taxpayers with secret offshore accounts who voluntarily report them. This programme is to end on 31st August.

The government said it believed 'many' of these clients "have hidden their accounts from the IRS".

The move comes as the bank faces pressure from US authorities to provide information about account holders who may be evading taxes by using offshore accounts, particularly in India.

Earlier this year, US prosecutors had alleged that HSBC India helped US residents evade federal taxes.

Prosecutors had indicted an Indian-origin New Jersey businessman Vaibhav Dahake on charges that he conspired to evade US taxes by hiding offshore accounts in India maintained by HSBC.

Another Indian-American neurosurgeon was indicted in June by a federal grand jury for allegedly filing false tax returns and hiding more than $8.7 million in offshore accounts.

The Justice Department had in April asked a San Francisco federal court to let the IRS serve a 'John Doe' summons on the Indian unit of HSBC seeking information about possible tax fraud "by people whose identities are unknown".

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