Shree Renuka Sugars recovers from 52-week low on bargain hunting

Meanwhile, the BSE Sensex was down 191.67 points, or 0.99%, to 19,249.40

On BSE, 25.67 lakh shares were traded in the counter as against an average daily volume of 11.64 lakh shares in the past one quarter.

The stock dropped as much as 2.34% at the day's low of Rs 16.70, also its 52-week low. The stock hit a high of Rs 18.65 so far during the day. The stock had hit a 52-week high of Rs 38.80 on 4 October 2012.

The stock underperformed the market over the past one month till 10 June 2013, sliding 28.05% compared with the Sensex's 3.19% decline. The scrip also underperformed the market in past one quarter, falling 31.26% as against Sensex's 1.23% fall

The small-cap company has an equity capital of Rs 67.13 crore. Face value per share is Re 1.

Shares of Shree Renuka Sugars had dropped 19.55% in two trading days to Rs 17.70 on 10 June 2013 from a recent high of Rs 22 on 6 June 2013.

On a consolidated basis, Shree Renuka Sugars reported net loss of Rs 71.90 crore in the quarter ended March 2013 as compared to net profit of Rs 59.40 crore in the quarter ended March 2012. Net sales fell 9.74% to Rs 1661 crore in the quarter ended March 2013 over the quarter ended March 2012.

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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