Archive: October 31, 2020

Business World

Yamaha apparels and accessories now available on Amazon.in

Oct 31, 2020 by Gouri Achary 0 Comments #accessories, #Amazon.in, #apparels, #motorcycles and scooters, #Mr. Motofumi Shitara, #Yamaha apparels and accessories, #Yamaha Motor India Group, #Yamaha two-wheelers

India Yamaha Motor Pvt Ltd. today announced the online availability of its wide range of Apparels & Accessories on the country’s biggest online store, Amazon India. This is for the first time in India that Yamaha will sell its Apparels & Accessories online. With this move, now Yamaha customers and motorcyclists will be able to buy a wide range of accessories and apparels for both motorcycles and scooters in an easy and convenient way through Amazon India.

Yamaha merchandise on Amazon India will include a wide range of riding apparels such as T-Shirts, Jackets, [refer to the annexure attached]. Besides, the company will also retail other merchandise like Stickers, Key Chains, along with other two-wheeler accessories like Tank Pads, Bike Cover, Seat Cover, USB Mobile Charger, Engine Guard, Skid Plate, Frame Slider, Graphic Set, Floor Mats, Scooter Guard Set.

Speaking on the occasion, Mr. Motofumi Shitara, Chairman, Yamaha Motor India Group of companies said, “We are continuously working to strengthen our online presence in the Indian market and today’s announcement is another step in this direction to connect & communicate with our target audience.

Recently we have started “Vehicle online sales”, an online two-wheeler buying platform facilitating the entire range of Yamaha two-wheelers. Now, Yamaha will widen its customer reach for attractive riding apparels and accessories by making all of it available online while at the same time, reaching out to the customers who have not yet associated with Yamaha, thus expanding “The Call of the Blue” campaign. The brand’s endeavour to expand its horizons of sporty and stylish quotient through riding apparels and accessories will help it to fulfil its commitment of creating exciting experiences.”

Business World

SMARTRON EDS partners with HITAM, for a seamless student transition from academics to career!

Oct 31, 2020 by Gouri Achary 0 Comments #Dr. Arvind S, #HITAM, #Mr. Vinod Ahuja, #SMARTRON EDS

nurturing students with competencies to excel, has signed an MoU with SMARTRON EDS – an initiative on a critical mission of “aggregation” and “acceleration” of innovation on the back of the IoT wave; to groom and sharpen the skills of students to be Industry ready, today. This understanding will leverage the niche expertise of both the partners to build a robust mechanism for seamless transition of students from academics to career.

The MoU will ensure the building of a scientific temper and critical analytical prowess among budding graduates from HITAM, who can take on leadership roles and be harbingers of emerging technologies the industry will witness through technological up-gradation, innovation and increased efficiencies.

As part of the agreement, SMARTRON EDS will facilitate effective utilization of the intellectual capabilities of the faculty at HITAM, by streamlining and developing suitable teaching and training protocols and align them to be in sync with the needs of the new age industry.

HITAM is setting out on an ambitious plan to bridge the skill gap of students and equip them to be adept with the emerging technologies. Our endeavour through this partnership is to make the students industry-ready and are productive from day one, says Mr. Vinod Ahuja, Head of Center of Excellence, IoT, HITAM.

As per the MoU, SMARTRON EDS will lay special emphasis on developing initiatives to strengthen the areas of knowledge transfer sessions, placements, internships, guest lectures and industrial visits. It will provide opportunities for students to access its state-of-the-art Labs, workshops, industrial sites, for hands-on training and firsthand industry exposure, in accordance with the National Occupational Standards.

The industrial training and exposure students gain through this association will enormously enhance their confidence levels and prepare them to take on the real-world challenges with amazing ease. Overall, the initiative is expected to ensure a smooth transition for students, from academic to working career, says Dr. Arvind S, Dean-Academics, HITAM.

Education

Leaders should act fast in times of crisis, says Dr. Brian Mcgarrie, University of Birmingham

Oct 31, 2020 by Neel Achary 0 Comments #Amity University Gurugram, #Birmingham University, #Dr. Brian Mcgarrie, #PB Sharma, #UK, #University of Birmingham, #Vice-Chancellor

Office of International Affairs, Amity University Gurugram organized a virtual webinar on “Leading & Managing Through Crisis: The Case of COVID-19” under the banner of “The International Expert Talk series”. The Session was delivered by Dr. Brian McGarrie, Director- Executive MBA Programs, Birmingham University, UK. Following the vision of our Hon’ble chancellor Dr. Aseem Chauhan on augmenting internationalization, AUG has an active interface with accomplished academicians across the world regularly.

Dr. Brian mentioned different types of crisis and also about various stages of a crisis which the organizations could face in their functioning. He gave some very lucid examples to explain some of the crisis that has affected the world before COVID 19. In the Indian context, he highlighted some of the disasters such as the Indian Ocean Tsunami 2004 and also the Bhopal tragedy that occurred in 1984. He emphasized that in such a scenario, the government must address challenges on three fronts – How do we address the health crises? , How do we address the economic crisis? And, how do we keep the business of the government operating? He suggested that the government should respond fast to recover and thrive from such crisis.

Amity University Gurugram Webinar

He raised a very important issue as to what does good leadership looks like during a crisis. The salient features that emerged from his discussion are- acting with urgency, communicating with transparency, responding productively to missteps, and engaging in constant updating. He further brought out a very relevant point where he emphasized that it is wrong to think that the work of the leader is to set a course and stick to it. He opined that leaders must constantly update their understanding of prior probabilities deliberately using strategies to elicit new information and learn rapidly as events unfold and new information comes to light.

Dr. Brian is the Executive Director at Birmingham University, UK. He teaches Crisis Management and Organizational Reliability and Resilience. Brian has recently taught in Singapore, Malaysia, India, Jordan, and Zambia and worked with Airbus on their World Class Leaders Programme and taught a Risk and Crisis Management Executive Programme for Singapore Social Services.

Prof. (Dr.) PB Sharma, Vice-Chancellor, Amity University Gurugram in his special address highlighted resilience that India is demonstrating in the handing of Covid 19. Leaders must act with urgency and they must acknowledge the crisis. Often delay in crisis creates unmanageable situations. Leaders must also act a tremendous amount of robustness on the policies and their execution.

The discussion was hosted and moderated by Vice-President- RBEF and Director- International Affairs, Prof. (Dr.) Gunjan M Sanjeev. While delivering her speech, she talked about the necessity of new leadership models to be adopted to lead through the crisis and managing organizations.

Several senior officials actively participated in the discussion -Dean-Students Welfare, Maj, Gen. GS Bal (Retd), Director-HR, Rear Admiral KK Pandey (Retd), Director-Admission and HoD-ABS, Prof. (Dr) Vikas Madhukar, Director-AIBAS, Prof. (Dr.) Rajesh Nair and Deputy Director- ASH, Prof. Arunagshu Bhattacharya. The session emerged as a great platform where all participants came forward enthusiastically to express their thoughts with the esteemed speaker.

This virtual event was coordinated by Ms. Shaivy Sharma, Office of International Affairs. The session was attended by over a hundred participants and was appreciated by the audience from both India and as well as overseas.

Business World

Over 50% of internet users in Asia will be using digital financial services by 2025

Oct 31, 2020 by Neel Achary 0 Comments #Cambodia, #Digital Financial Services, #India, #Indonesia, #Internet Users, #Philippines, #Southeast Asia, #Sri Lanka, #Thailand, #Unafinancial, #Vietnam
Analysts of the international fintech holding UnaFinancial revealed that more than half of internet users in the developing countries in South and Southeast Asia will be using digital financial services by 2025. Besides, by 2027 even digitally underdeveloped countries in the region will provide access to the Internet and digital technologies to 85% of the population.
The research considered the penetration of digital financial services in Cambodia, India, Indonesia, Laos, Myanmar, the Philippines, Sri-Lanka, Thailand, and Vietnam.
As the development of online financial services largely depends on access to the Internet, the analysts made a forecast of the maximum Internet penetration for each country first. This level can be as high as 81-85% depending on the age structure of the population.
UnaFinancial
Taking into account the Internet penetration rate of the previous years, as well as the government measures towards digitalization and the impact of Covid-19, the analysts have predicted that Thailand, Vietnam, Indonesia, Philippines, Cambodia, India, and Sri Lanka will reach the maximum possible Internet penetration of 81-85% by 2025. The two remaining countries, Laos and Myanmar, will reach this level in 2027.
Given the year of the maximum Internet level for each country, the experts estimated the penetration of digital financial services. The forecast considered the share of the population having online financial accounts and the increase of financial inclusion during the previous years.
It revealed that in most countries, more than 50% of internet users will be using digital financial services by 2025-2027. In India, Thailand, the Philippines, and Indonesia the level of financial services penetration will be especially high – from 62% to 69%. Meanwhile, in Cambodia, Laos, and Myanmar it will be relatively low. In these countries, the development of online financial services can be faster if the government takes a combined approach to develop financial technologies in terms of the legal framework and increase of digital and financial literacy.
Business World

Lubrizol and Grasim Industries Limited Partner for India’s Largest CPVC Resin Plant

Oct 31, 2020 by Gouri Achary 0 Comments #Aditya Birla Group, #Arnau Pano, #Grasim Industries Limited, #Kalyan Ram Madabhushi, #Lubrizol

To meet the growing demand for chlorinated polyvinyl chloride (CPVC) pipe and fittings in India, Lubrizol Advanced Materials, a global speciality chemical leader and the market leader for CPVC, and Grasim Industries Limited, a flagship company of the Aditya Birla Group, have entered into a definitive agreement to manufacture and supply CPVC resin in India.

Once commissioned, this near 100,000 metric-ton state-of-the-art CPVC plant at Grasim’s site in Vilayat, Gujarat, will be the largest single-site capacity for CPVC resin production globally. The project will take part in two phases, with the first phase of production expected to be operational in late 2022. The CPVC resin produced at Vilayat will enable product sold under Lubrizol’s FlowGuard® Plus, Corzan® and BlazeMaster® brands.

This collaboration, in support of the Government of India’s “Make in India” initiative, is expected to bolster economic development in the state of Gujarat. To further support the local market, Lubrizol will make additional investments in the coming years to expand its existing CPVC compound plant in Dahej, Gujarat and establish a local innovation centre as demand continues to grow.

India is amongst the largest consumers of CPVC, primarily in the form of plumbing pipe and fittings, and growing needs for clean water in all residential and commercial buildings will drive continued growth. Lubrizol is the inventor and largest manufacturer of CPVC resin and CPVC compounds worldwide. With billions of feet installed globally, Lubrizol’s CPVC solutions enable long-lasting systems and reliable access to clean, safe drinking water to millions of homes, in alignment with the company’s mission to help the world Live Better. To-date, Lubrizol products have been instrumental in delivering safer water to some 200 million citizens in South Asia. Lubrizol has plans to introduce other advanced water solutions in India in the near future.

With this investment to supply resin to its existing compounding plant in Dahej, Gujarat, Lubrizol becomes the only company in India with end-to-end CPVC capability. In addition to its regional manufacturing capabilities, Lubrizol continues to strengthen its customer network, collaborating with local leaders like Ashirvad Pipes, an Aliaxis company, and Prince Pipes to ensure robust distribution in India and South Asia. As part of its regional support, Lubrizol is also committed to the ongoing development of plumbers in India, having trained nearly 100,000 local plumbers on installation of advanced plumbing systems.

“This alliance will help Lubrizol better serve our customers in India and South Asia, as well as support the Indian economy,” said Arnau Pano, Vice President, Lubrizol Advanced Materials, South Asia. “Connecting with Grasim Industries Limited, a reputable global conglomerate, who share our commitment to sustainable chemical production, will allow us to provide our customers with increased, reliable CPVC supply and further our goal of improving access to clean, safe drinking water for millions of global citizens through the advantages offered by FlowGuard® Plus plumbing solutions.”

“This collaboration with Lubrizol Advanced Materials is part of our long-term direction to bring in world-class technologies to India and additionally complements our growth strategy in Chlor-Alkali and Derivatives platform,” said Kalyan Ram Madabhushi, CEO-Global Chemicals & Group Business Head-Fertilisers & Insulators, Aditya Birla Group. “The collaboration will support the ‘Make in India’ initiative and is expected to create local jobs and downstream opportunities.”

This collaboration also will enable Aditya Birla Group and The Lubrizol Corporation to explore collaboration opportunities across additional segments, such as water management, construction, textiles, automotive and piping by leveraging the technologies and market channels of both groups.

Business World

Omaxe Premier League 2020 Showcases Amazing Matches, Amsterdam Kings Team Grabs The Winning Cup

Oct 31, 2020 by Gouri Achary 0 Comments #Amanpreet, #Amit Sharma, #Amsterdam Kings, #London Warriors., #Omaxe Premier League 2020, #Sunny Sarpa, #World Sports Academy

Omaxe Premier League 2020 Tournament was organized at World Sports Academy situated near Omaxe World Homes, Sector 97, Faridabad. The energetic cricket tournament was won by the team Amsterdam Kings while Runners-Up title was grabbed by the team of London Warriors. The tournament was attended by good number of cricket lovers who cheered and supported their teams with full enthusiasm.

The finale match had Amsterdam Kings batting first on the field, the team made a score of 188 runs with a loss of 6 wickets in 20 overs. London Warriors chased the opponent team and made a score of 140 runs in 20 overs with a loss of 9 wickets. Sunny Sarpa completed his century, with a score of 121 runs in 57 balls. Amit Sharma from London Warriors also took 2 wickets within 4 overs.

The league began around 2 in the afternoon and extended up to late evening. Four teams participating in the League were Amsterdam Kings, London Warriors, Paris Spartans and Portugal Riders. The names of participating teams were based on the theme of worldly destination retail spaces situated in Omaxe World Homes.

The league began with two phases of Semi-Finale to take out the final contenders. First semi-finale was between the teams of London Warriors and Paris Spartans. London Warriors emerged victorious and became the first finalist. Second semi-finale was between Portugal Riders and Amsterdam Kings. Finally, Amsterdam Kings being the second finalist also became Champions of the entire league.

All the players were honoured at the end of the league, Sunny Sarpa was awarded the title of ‘Man of the Series’ for his commendable performance, and Amanpreet received the title of ‘ Best Bowler of the Series.’ The entire league received a great response from the audience and people were happy to be a part of the match as it keeps them fit and entertained at the same time.

Business World

IvyCap Ventures backs ed-tech startup Expertrons

Oct 31, 2020 by Gouri Achary 0 Comments #AI videobot, #ed-tech startup, #Expertrons, #IvyCap Ventures, #Jatin Solanki, #Vikram Gupta, #Vivek Gupta

Venture capital firm IvyCap Ventures (whose portfolio includes companies like Purplle, BiryaniByKilo, Fingpay, Singularity, Convosight, Pharmarack) has backed Mumbai based Expertrons (Netflix for Career Hacks), with an undisclosed investment in a round that was also participated by the startup’s existing investors Iceland Venture Studio and Sarcha Advisors.

IvyCap is a fund management company which invests through the Global Alumni Ecosystems and invests in early to growth-stage companies, with highly scalable and innovative business models. This investment has provided a boost in Expertrons’ journey and mission to make a difference in the booming ed-tech space.

The founders said that this infusion will be utilized to build a larger consumer base, improve technology base, and put the company on a rapid growth trajectory without compromising on the superlative consumer experience that we have been known for always.

Speaking about this, Vikram Gupta, Founder & Managing Partner at IvyCap, said, “We are excited about this investment. Expertrons uses AI videobot technology for career guidance at a very large scale, a space that is ready for disruption. We look forward to working with the team that comes with a lot of passion to build a scalable and sustainable business.”

Expertrons was founded by IIT Bombay alumni and batchmates, Jatin Solanki and Vivek Gupta, with a vision to revolutionize the educational landscape of the country using the latest technology. Ever since the startup has been actively achieving seamless application of the AI Video Bot experience. By using a deep tech AI recommendation engine based on numerous data points, it personalizes the best-suited experts and career options for aspirants. This provides young professionals to make smarter career decisions.

In just a matter of a year, the company reports having about 15 million minutes of content watched by users on their app that currently dominates the market. In such a short span, the startup has managed to create a platform with over 1,00,000 aspirants and 1,500 professionals. It has gone as far as successfully tying up with over 80 universities globally. In the first six months of 2020, VCs have shown a clear preference for ed-tech startups.

The nation-wide lockdown due to Covid-19 has also triggered this significant rise in such investments with as much as $14 Bn in the past 9 months. Startups are moving pace to keep up in the run to achieve the estimated growth of the Indian ed-tech market to $3.5B by 2022.

By being one of the current leading players, Expertrons took a chance and acquired GrowVation, a social network for the tech community. With commendable impact, GrowVation has a history of several hundred published projects, with about 8,600 users, 22 partner institutes, and 50 partner companies. Devender Singh Bohra and Avinderpal Singh, co-Founders of GrowVation have joined the core team as part of the Business and Technology teams respectively.

The company has also developed use cases of their technology to drive sales, clear customer queries, generate leads, and even internal training for organizations.

Business World

ZunSolar is inviting dealers and distributors across India, offering partnerships and other benefits

Oct 31, 2020 by Gouri Achary 0 Comments #Pranesh Chaudhary, #ZunSolar

The worldwide situation of the COVID-19 pandemic has adversely impacted India’s solar industry including dealers and distributors on the field. According to various reports, they are facing certain issues pertaining to supply chains, logistics, and goods procurement, which have led to a 60-70 per cent drop in their revenues.

In such a situation, India’s leading solar company, ZunSolar is inviting dealers and distributors across India to sell a wide range of their solar products, offering them a profitable partnership with benefits to maximize their Return on Investment (ROI). The brand offers end to end solar solutions such as solar panels, solar batteries, solar inverters, solar management units, solar charge controllers, MC4connectors, DC wires – standalone and in different combinations.

The current offering for partnerships to dealers includes three onboarding categories- Silver, Gold, and Platinum. Some of the exciting benefits for solar partners include E-Commerce listing, digital ads, regional newspaper ads, and free app access and brochures, along with authorization certificates amongst others. Acknowledging the impact of the pandemic on the solar business, the company is currently offering dealership with no security deposit and a very minimal onboarding fee of 1199/- for a limited period.

Similarly, the distributors are also categorized into two- Distributors and Exclusive Distributors. The plans and the financial incentives include secondary sales support, regular newspaper ads, listings in Justdial, IndiaMart and Google, technical support, display board, and regular distribution of marketing material.

At present, 300+ dealers across the country are working with ZunSolar to further the solar business and benefiting from the association by notable profit margins. In the next 12 months, the company aims to build expanding network of5000+ dealers.

Talking about this, the Founder and CEO of ZunRoof, Mr. Pranesh Chaudhary says, “We aim to make our services available to every nook and corner of the country. We are, therefore, welcoming partnerships to local distributors and dealers to sell our products so that we can offer our services to as many people as possible.

We are also offering several benefits and incentives to the distributors and dealers to help them raise their profits. With ZunSolar, we are providing solar products and rooftop solutions at a very reasonable rate and so, we are planning to make our products accessible to every common man.”

News

Tulsi Kumar pours her soul into the rock-ballad ‘Tanhaai’

Oct 31, 2020 by Gouri Achary 0 Comments #Sneha Shetty Kohli, #T-Series’ Bhushan Kumar, #Tanhaai, #Tulsi Kumar

Tulsi Kumar is on a career-high as the artist has been consistently delivering back to back hit music and giving her fans much to look forward to, during this challenging lockdown period. Acing the Pop music space in 2020 her recent collaborations like Tere Naal, Zara Thehro, Naam have garnered a lot of love from audiences. The popular singer now presents her new single ‘Tanhaai’ a song very close to her heart that falls under the pop-rock genre. T-Series and composer duo Sachet – Parampara, who introduced the rock ballad songs to the industry with Bekhayali in Kabir Singh, bring another intense song Tanhaai in the same genre with lyrics by Sayeed Quadri.

This rock ballad that took 4 months to create treats audiences to a new side of Tulsi Kumar’s personality. Raw, real, and filled with emotions, the music video featuring Tulsi and Zain Imam and directed by Sneha Shetty Kohli, see Tulsi growing as an artist and a performer with an array of emotions that range from happy, sad to intense. The singer herself conceptualized the video and hence could relate to the character in the video and drew emotions from her own experiences as an artist. She indeed went through a prep session and attended workshops to be true to her character in the song. So apart from stellar vocals, audiences can expect a power-packed performance from Tulsi as a performer.

Tanhaai as a song is extremely close to Tulsi’s heart as it relates to almost every situation in our lives, as we all go through problems at different stages and might feel lonely at a given point but even at our lowest we have to stay strong and positive as life is the best teacher and each moment is an opportunity ready to be utilized to its fullest potential. Talking about the song, Tulsi Kumar says, ” Independent music gives an artist creative freedom to define oneself. I wanted to do a single which was in a very different and unique space, something soulful with touching lyrics but at the same time having a pop-rock vibe to it that is relatable with today’s youth. Sachet-Parampara understood my vision and managed to make that happen with ‘Tanhaai’.They both are extremely talented and our energy and vibe really matched so it was a great experience working on this song with them as a team.”

She adds, “When you sing for a film you sing for a character but here in the independent music space, you are the character and you also have the freedom as an artist to be creative, in how and what you want to express through your music. Right from the time I decided to do this single, I had a thought process in my mind and visualization of the video. So right from its making, conceptualizing, to the actual filming, I was personally involved in every aspect along with my director Sneha Shetty Kohli which is why ‘Tanhaai’ is extremely close to my heart.”

Composer duo Sachet – Parampara add, “Tanhaai has been a journey for us. Every song we do, we keep our hearts out on the creation and leave the rest to the audience to decide. We have presented Tulsi Kumar very differently in this song. As far as we know, all of us have never ever seen her in this rigorous rock avtaar ever before… It’s been a wonderful learning experience and many ups and downs while composing this song. Along with the big vision of Bhushan Sir, beautiful lyrics by Sayeed Quadru Ji, smashing vocals by Tulsi Kumar and our music, we will make Tanhaai a milestone.”

Director Sneha Shetty Kohli says, “Needless to say I had a great time working with Tulsi. It’s always amazing to work with an artist who has a vision. My job was to transform her vision into something beautiful on screen for people to connect and Live the artists’ mind for the 5 minutes they give us to watch our work. working on Tanhaai was also a new path for me as I am known for my hardcore commercial dance videos my earlier videos. Tanhaai is a soulful journey for every person who has every been in love.”

Bringing another intense song after Bekhayali, T-Series’ Bhushan Kumar says, “The rock ballad genre is still very new and fresh in the Indian music scene and ‘Tanhaai’ will definitely make the genre more popular. The entire team of Sachet-Parampara, Tulsi, Sayeed Quadri, and Sneha have brought Tanhaai on life with their hard work and passion.”

T-Series presents Tulsi Kumar’s fresh new single ‘Tanhaai’. Directed by Sneha Shetty Kohli, the pop-rock song features Tulsi Kumar and Zain Imam. Composed by Sachet-Parampara with lyrics by Sayeed Quadri, ‘Tanhaai’ is out now on T-Series’ YouTube channel.

 

Business World

Hike in ethanol prices a positive for sugar industry given the prevailing sugar surplus situation: ICRA

Oct 31, 2020 by Gouri Achary 0 Comments #Cabinet Committee on Economic Affairs (CCEA), #Sabyasachi Majumdar

The Cabinet Committee on Economic Affairs (CCEA), in a recent announcement, has increased the basic price of ethanol produced from C-heavy, B-heavy molasses and sugarcane juice by Rs. 1.94/ litre (or 4.4%), Rs. 3.34/litre (or 6.2%) and Rs. 3.17/litre (or 5.3%) respectively, for the ethanol supply year starting December 2020. As per ICRA note, in light of a bumper sugar production for SY2021, this move is a positive for the sugar industry, both in terms of higher profitability from distillery division and reducing the sugar stocks by producing ethanol from higher sucrose content materials.

Says Mr. Sabyasachi Majumdar, Senior Vice President & Group Head, ICRA Ratings, “With ethanol contributing nearly 10-15% of the sugar mills’ turnover for integrated sugar mills, remunerative ethanol prices are expected to encourage sugar mills to enhance the supply of ethanol for blending, thereby supporting their revenues, profitability and improving their ability to pay sugarcane farmers.

The increase in the ethanol prices from B-heavy molasses will enable the mills to produce higher ethanol from these higher sucrose content materials and thus support in reducing the pressure from the surplus sugar stocks in the domestic market and indirectly supporting the sugar prices. In addition, we expect the operating profitability of the distillery division to increase by around 250-300 bps. This could vary depending on the diversion of B-heavy for ethanol production.”

The CCEA has approved an increase in ethanol price derived from different sugarcane-based raw materials under the Ethanol Blended Petrol (EBP) Programme for the forthcoming ethanol supply year 2020-21 from December 2020 to November 2021. The price of ethanol from C heavy molasses is increased from Rs. 43.75/litre to Rs. 45.69/litre, the price of ethanol from B heavy molasses is increased from Rs. 54.27/litre to Rs. 57.61/litre and the price of ethanol from sugarcane juice is increased from Rs. 59.48 per/litre to Rs. 62.65/litre.

According to the first advance estimates of ISMA, the sugar production is revised upwards by 1.7% to 31.0 million MT in SY2021, compared to the preliminary estimates given in June 2020. This production is after adjusting for the impact of the diversion of B-heavy molasses and sugarcane juice for ethanol manufacture.

ICRA expects the sugar consumption to get back to around the 26.0 million MT levels in SY2021. Assuming the Government continues to support exports, considering the surplus scenario in the domestic market, exports are likely to be around 5.5 million MT, largely similar to the SY2020 figures. The closing stocks are expected at around 10.0-10.5 million MT for the SY2021 season, which is higher when compared to the normative sugar stock levels.

Given the sugar surplus scenario in the domestic market, any significant increase in sugar prices is ruled out in the near term. Further, recently, the FRP for SY2021 has been increased by 3.6% to Rs.285/quintal for a recovery rate of 10%. While the SAP in UP is yet to be announced, this increase in the FRP is likely to trigger in an increase in the state-advised price. Hence, the hike in the MSP becomes critical to pass on the higher costs and support the profitability of the sugar mills.

“The continued Government support for the sugar industry remains critical for supporting the profitability of the sugar companies and curtailing any significant increase in the cane dues going forward, given the continuing sugar surplus scenario. Government support in the form of subsidies for sugar exports, creation of buffer stock and continued support with MSP for sugar would be critical going forward,” Mr. Majumdar added.