Sugar inventory jumps 5.4% after firm’s board to contemplate inventory cut up 

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On Tuesday, the sugar manufacturing firm noticed its shares rise by 5.4 %, reaching an intraday excessive value of ₹84.10 per share. This surge got here as the corporate’s board introduced plans to debate a inventory cut up throughout the April nineteenth board assembly. 

Davangere Sugar Firm Ltd is a micro-cap inventory with a market capitalization of ₹776 crore. At 1:30 p.m, firm shares have been buying and selling at ₹82.55 per share, up 3.45 % from the earlier shut value on the inventory alternate. 

The corporate’s board of administrators to contemplate and approve the proposal to Sub-Division or cut up the fairness shares on the upcoming board assembly, which is scheduled for Friday, April 19, 2024. As per the corporate’s submitting. 

Shares of Davangere Sugar Firm Ltd have skilled a 24% lower in worth over the previous month and a 50% lower over the previous 12 months. 

Davangere Sugar manufactures sugar from sugarcane and generates electrical energy by way of co-generation. The corporate has a producing operation in Karnataka with a sugar-crushing capability of 4750 TCD. 

Lately, the corporate’s board of administrators authorised an growth of ethanol manufacturing capability from 65 KLPD (Kilo Litre Per Day) to 110 KLPD. For an funding of ₹54 crore. Presently, the corporate’s capability utilization stands at a formidable 99.96%. 

In a current quarter, the corporate board authorised the commissioning of the CO2 Plant. To transform the waste molasses fermentation into liquefied Carbon dioxide and dry ice for an funding of ₹ 3 crores. 

As of the current shareholding sample, the corporate promoter holds a 74.36 % stake within the firm and retail buyers maintain a 25.65 % stake within the firm.

Written by Omkar Chitnis 

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