Shree Renuka Sugars gains after reporting robust Q4 results

Shree Renuka Sugars rose 3.2% to Rs 14.18 at 11:00 IST on BSE after net profit rose 5020.93% to Rs 220.20 crore on 7.98% rise in total income to Rs 1818.40 crore in Q4 March 2016 over Q4 March 2015.

The announcement was made after trading hours yesterday, 30 May 2016.

Meanwhile, the S&P BSE Sensex was down 63.29 points or 0.24% at 26,662.31.

On BSE, so far 14.59 lakh shares were traded in the counter as against average daily volume of 12.46 lakh shares in the past one quarter. The stock hit a high of Rs 14.75 and a low of Rs 14 so far during the day. The stock had hit a record low of Rs 7.03 on 25 August 2015. The stock had hit a 52-week high of Rs 18.02 on 19 November 2015.

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

Shree Renuka Sugars reported a net loss of Rs 285.30 crore in the year ended March 2016, compared with net loss of Rs 295.10 crore in the year ended March 2015. Total income rose 2.02% to Rs 5864.20 crore in the year ended March 2016 over the year ended March 2015.

In a separate announcement made after trading hours yesterday, 30 May 2016, Shree Renuka Sugars said that its board has approved voluntarily granting of an option to the lenders of the company to convert a part of the loans granted/to be granted to the company into equity shares of Re 1 each in the company, subject to maximum of 9.28 crore equity shares, which is equivalent to 10% of the present equity share capital of the company, at Rs 16.56 per equity share or the price as per the regulations prescribed by Securities and Exchange Board of India (Sebi), whichever is higher. The approval of the shareholders for this purpose will be sought through postal ballot.

Shree Renuka Sugars is one of the leading sugar manufacturers in India.

Powered by Capital Market - Live News