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| Exchange Disseminated Time | | Ponni Sugars (Erode) Ltd has informed BSE that Government of Tamil Nadu has exempted purchase of sugarcane from VAT but simultaneously imposed VAT at 5% on sugar of all kinds. In view of there being no VAT on sugar in the surplus producing regions of Karnataka and Maharashtra, Tamil Nadu sugar mills would be at a competitive disadvantage and their pricing power would get adversely impacted by reason of the 5% impost of VAT on sugar produced in the State of Tamil Nadu. As a result, the profitability of the company would be under increased stress. |
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