Global sugar prices have crossed US cents 20/lb while simultaneously domestic prices have also moved up to | 36/kg (UP). In our July 2021 sector report, we reiterated our positive stance on sugar prices, distillery capacity expansion & subsequent high earnings growth for next three years. Our view on sugar prices has been materialising. We maintain our stance that the sugar industry would be able to export 6-7 million tonnes (MT) of sugar in the 2021-22 sugar season without export subsidy given global sugar prices are higher than cost of production for Indian sugar companies. This would lead sugar inventory levels to come down to below 7 MT by...