Mcleod Russel sizzles on plans to dispose tea estates

Mcleod Russel India rose 2.27% to Rs 137.45 at 10:31 IST on BSE after the company decided to dispose of certain tea estates in Assam to M K Shah Exports for Rs 331 crore.

The announcement was made after market hours yesterday, 5 June 2018.

Meanwhile, the S&P BSE Sensex was up 142.81 points, or 0.41% to 35,046.02.

On the BSE, 6,848 shares were traded in the counter so far, compared with average daily volumes of 77,000 shares in the past two weeks. The stock had hit a high of Rs 138 and a low of Rs 131.80 so far during the day. The stock hit a 52-week high of Rs 248.30 on 30 November 2017. The stock hit a 52-week low of Rs 132.30 on 5 June 2018.

The small-cap company has equity capital of Rs 54.73 crore. Face value per share is Rs 5.

Mcleod Russel India said that the company has decided to dispose of certain tea estates of the company in Assam, namely Beesakopie Tea Estate, Raidang Tea Estate, Daimukhia Tea Estate, Samdang Tea Estate, Baghjan Tea Estate, Bordubi Tea Estate, Koomsong Tea Estate and Phillobari Tea Estate for Rs 331 crore. The company has entered into a Memorandum of Understanding with M K Shah Exports on 5 June 2018.

M K Shah Exports having its registered office at Kolkata is engaged in the production, manufacture, sale and export of tea.

Mcleod Russel India reported net loss of Rs 142.09 crore in Q4 March 2018 as compared with net loss of Rs 107.83 crore in Q4 March 2017. Net sales rose 0.26% to Rs 377.91 crore in Q4 March 2018 over Q4 March 2017.

Mcleod Russel India is engaged in manufacturing of tea.

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