Mawana Sugars moves higher on debt settlement pact with PNB

Mawana Sugars rose 2.7% to Rs 89.50 at 9:30 IST on BSE after the company said its board agreed to enter into one time settlement with Punjab National Bank for resolving debt aspect.

The announcement was made after market hours yesterday, 21 March 2017.

Meanwhile, the S&P BSE Sensex was down 193.56 points or 0.66% at 29,291.89. The BSE Small-Cap index was down 71.44 points or 0.51% at 13,956.49.

On the BSE, 68,000 shares were traded on the counter so far as against the average daily volumes of 1.37 lakh shares in the past one quarter. The stock had hit a high of Rs 91.15 and a low of Rs 88.10 so far during the day.

The stock had hit a 52-week high of Rs 92.70 on 14 March 2017 and a 52-week low of Rs 22.70 on 28 March 2016. The stock had outperformed the market over the past one month till 21 March 2017, advancing 16.67% compared with the Sensex's 2.52% rise. The scrip had also outperformed the market over the past one quarter, rising 103.62% as against the Sensex's 12.36% rise.

The small-cap company has equity capital of Rs 39.12 crore. Face value per share is Rs 10.

Mawana Sugars announced that the board of directors of the company, vide resolution dated 21 March 2017, agreed to enter into one time settlement (OTS) with Punjab National Bank (PNB) Muzaffarnagar, Uttar Pradesh.

The purpose of the OTS was for resolution of non performing asset (NPA) debt. The company settled total memoranda dues of Rs 109.46 crore (as per PNB), for a consolidated agreed amount of Rs 79.79 crore, payable over 15 months without interest.

Mawana Sugars reported net profit of Rs 363.02 crore in Q3 December 2016 as against net loss of Rs 9.03 crore in Q3 December 2015. Net sales rose 48.2% to Rs 261.44 crore in Q3 December 2016 over Q3 December 2015.

Mawana Sugars in engaged in the manufacturing of some of the finest sugars in the country.

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