Dwarikesh Sugar moves north after upgrade in credit rating

Dwarikesh Sugar Industries surged 4.3% to Rs 261.30 at 13:24 IST on BSE after credit rating agency ICRA upgraded its rating on the company's long term loans and other long term fund based and non fund based facilities totaling Rs 599.99 crore.

On BSE, so far 1.44 lakh shares were traded in the counter as against average daily volume of 1.12 lakh shares in the past one quarter. The stock hit high of Rs 267 and low of Rs 249.65 so far during the trading session. The stock had hit 52-week high of Rs 284.95 on 28 June 2016. The stock had hit 52-week low of Rs 21.35 on 25 August 2015. The stock had underperformed the market over the past one month till 13 July 2016, falling 2.7% compared with the Sensex's 5.37% rise. The scrip had, however, outperformed the market in past one quarter, surging 35.6% as against the Sensex's 8.54% rise.

The small-cap sugar manufacturer has equity capital of Rs 16.31 crore. Face value per share is Rs 10.

ICRA has upgraded its rating on the company's long term loans and other long term fund based and non fund based facilities totaling Rs 599.99 crore to ICRA Triple B Minus from ICRA Double B Plus. The outlook on the rating is positive.

Dwarikesh Sugar Industries' net profit jumped 322.6% to Rs 52.82 crore on 14.4% growth in net sales to Rs 230.29 crore in the quarter ended 31 March 2016 over the quarter ended 31 March 2015.

Dwarikesh Sugar has total three sugar manufacturing units in Uttar Pradesh, with a combined capacity to crush 21,500 tons of sugarcane per day.

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