Shree Renuka Sugars drops on denying stake hike in Renuka do Brasil S/A

Shree Renuka Sugars lost 1.85% to Rs 29.25 at 11:08 IST on BSE after the company said it has no intention to increase the stake in Renuka do Brasil S/A or to buy out the minority shareholder in Renuka do Brasil S/A.

The announcement was made after market hours on Tuesday, 24 June 2014.

Meanwhile, the S&P BSE Sensex was down 7.60 points or 0.03% at 25,361.30.

On BSE, so far 6.30 lakh shares were traded in the counter as against average daily volume of 18.34 lakh shares in the past one quarter.

The stock hit a high of Rs 29.95 and a low of Rs 29 so far during the day. The stock hit a 52-week high of Rs 31.80 on 6 June 2014. The stock hit a 52-week low of Rs 14.50 on 28 August 2013.

The stock had outperformed the market over the past one month till 24 June 2014, jumping 15.73% compared with the Sensex's 2.74% rise. The scrip had also outperformed the market in past one quarter, surging 40.24% as against Sensex's 15.02% rise.

The small-cap company has equity capital of Rs 92.88 crore. Face value per share is Re 1.

Shree Renuka Sugars clarified with respect to the news item appearing in a leading financial daily that there is no intention of the company to increase the stake in Renuka do Brasil S/A or to buy out the minority shareholder in Renuka do Brasil S/A. Further, the company stated that the news item is baseless and speculative in nature.

Shree Renuka Sugars currently holds 59.4% equity stake in Renuka do Brasil S/A.

Shree Renuka Sugars reported a net loss of Rs 88.30 crore in Q4 March 2014 as against net profit of Rs 13.30 crore in Q4 March 2013. Net sales declined 2.7% to Rs 1859 crore in Q4 March 2014 over Q4 March 2013.

Shree Renuka Sugars is a global agribusiness and bio-energy corporation. The company is one of the largest sugar producers in the world, the leading manufacturer of sugar in India, and one of the largest sugar refiners in the world. It operates eleven mills globally (four in Centre-South Brazil and seven in India) with integrated ethanol and power co-generation capacity. The company also has two large port based sugar refineries in India.

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