KM Sugar Mills gets sweeter after selling stake in subsidiary

KM Sugar Mills gained 2.66% to Rs 19.30 at 11:38 IST on BSE after the company said that it has sold its holding of 7.3 lakh shares in its subsidiary.

The announcement was made after market hours yesterday, 3 January 2018.

Meanwhile, the BSE Sensex was up 90.04 points, or 0.27%, to 33,883.42. The BSE Small-Cap index was up 134.18 points, or 0.69%, to 19,479.64, outperforming the Sensex.

On the BSE, 41,481 shares were traded in the counter so far, compared with an average daily volume of 2.94 lakh shares in the past one quarter. The stock had hit a high of Rs 20 and a low of Rs 19 so far during the day. The stock had hit a record high of Rs 37.50 on 8 February 2017. The stock had hit a 52-week low of Rs 18 on 25 May 2017.

The small-cap bank has an equity capital of Rs 18.40 crore. Face value per share is Rs 2.

KM Sugar Mills said that it has sold its 7.3 lakh equity shares or 73% stake holding in KM Energy, subsidiary of the company at its fair price cum face value. KM Energy ceased to be the subsidiary of the company pursuant to the stake sale.

KM Sugar Mills' net profit fell 56.8% to Rs 1.31 crore on 77.8% rise in net sales to Rs 95.62 crore in Q2 September 2017 over Q2 September 2016.

KM Sugar Mills is into the business of manufacturing of sugar, distillery products and in generation of electricity.

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