Sugar stocks are under pressure on the bourses on reports that the announcement of poll schedule in Uttar Pradesh and four other states may delay Government's approval for further sugar exports.
The model code of conduct came into effect on Saturday, after the Election Commissioner announced election schedule.
“The sugar industry has been demanding that the Government allow further exports to help millers take advantage of the global prices, which are now on a downward trend. This would have helped them their cash flows as cane crushing picks up," the report suggests.
Among the individual stocks, Balrampur Chini Mills is down 4% to Rs 36.80, Shree Renuka Sugars by 3% at Rs 25.30, Bajaj Hindustan b y 1.3% at Rs 25.70 on the Bombay Stock Exchange.
