Rana Sugars see 27% less capacity use this crushing season

Rana Sugars has said that the actual utilisation of its cane-crushing capacity would be 27% less than its installed capacity in the ongoing crushing season because of acute shortage of cane

Sugar manufacturer Rana Sugars Ltd on Friday said that the actual utilisation of its cane-crushing capacity would be 27% less than its installed capacity in the ongoing crushing season because of acute shortage of cane.

"Due to low availability of cane, we expect the utilisation of our current cane-crushing capacity will remain underutilised in this (ongoing) season," Rana Sugars managing director Rana Inderpratap Singh told PTI in Chandigarh.

"The company will be able to crush only 11,000 tonnes of cane per day against the installed capacity of 15,000 tonnes per day," Mr Singh said.

Chandigarh-based Rana Sugars, a listed entity, has three manufacturing facilities, two in Uttar Pradesh and one in Punjab with total capacity of 15,000 tonnes of crushing per day.

Against the average crushing season of 100 days, Rana Sugars is anticipating the season to last just for 75 days. "Considering the acute shortage of cane, I do not think sugar mills will operate more than 75 days," he said.

The company is also expecting a major jump in cost of production this season in view of falling recovery rate and rising payout to cane growers for running mills.

"This year, we think our input cost will rise to Rs35-Rs36 per kg against a level of Rs23-Rs24 per kg last year," he said, adding, "It will mainly happen due to decline in recovery rate which is expected to be at 8.5% this year against 10% achieved last year," he said.
 

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SAT adjourns hearing on Shankar Sharma case till 27th January

SAT has adjourned the hearing on a petition by brokerage house First Global's Shankar Sharma against a SEBI order banning him from trading in markets for his alleged role in manipulating prices of certain shares

The Securities Appellate Tribunal (SAT) on Friday adjourned the hearing on a petition by brokerage house First Global's Shankar Sharma against a SEBI order banning him from trading in markets for his alleged role in manipulating prices of certain shares, till 27th January.

"On the request of counsels from both the sides the case has been adjourned till 27th January," presiding officer, Justice NK Sodhi, said in Mumbai today.

Earlier, SAT had deferred the hearing on the case till 15th January and asked market regulator SEBI to reply to a review petition filed by Mr Sharma, the vice chairman and managing director of the brokerage house, before the hearing.

Mr Sharma had filed a review petition on 25th November on SAT's ruling upholding SEBI's ban order, on the grounds that there are certain errors in the records and arguments in the order of the appellate authority.

SEBI has found Mr Sharma guilty of synchronising trade in certain shares which resulted in creation of artificial volumes in those shares.
 

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Eros appoints Jyoti Deshpande as group CEO, Lulla as executive chairman

Eros International has appointed Jyoti Deshpande as its group chief executive officer (CEO) and managing director. Kishore Lulla has been appointed as executive chairman of the media group

AIM-listed Indian media and entertainment company Eros International Plc has said that it has appointed Jyoti Deshpande as its group CEO and managing director, replacing Kishore Lulla. Mr Lulla has been appointed executive chairman.

Since 2006, Ms Deshpande was a director on the board of Eros International. Before the new appointment, she was working as group chief operating officer and commercial director at Eros.

Mr Lulla has held office as chairman and chief executive officer since the company's AIM listing in July 2006, Eros said in a release.
 

 

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