The stock gained 4.5 per cent to Rs 222.80 after the company announced Rs 1,600 crore expansion plan. The company at its meeting approved expansion of power generation capacity by 400 Mw by way of setting up new coal based power plants of 80 Mw each at five locations on the land adjacent to the existing sugar factories.
With this, the group’s power generating capacity will increase from 430 Mw to 830 Mw. Last week, a foreign fund, Janus Overseas Fund increased its stake in the company to 5.04 per cent from 4.62 per cent after acquiring 7.45 lakh shares representing 0.42 per cent of the equity capital through open market purchases.
Shares fall as much as 8%