Stepped up exports to bring down inventory Dwarikesh sugar has aggressively exported sugar in 2019-20 sugar season. In the third tranche of re-allocation, the company received ~20,000 tonnes for export quota. In the full year, the company will be exporting 1.4 lakh tonnes. However, it has crushed 20% higher sugarcane in current season due to early closure of small scale Jaggery units in surrounding areas, which has led to the higher sugarcane availability for its units in Bijnore'. We estimate sugar sales volume of 4.65 lakh tonnes (including exports of 1.4...