Dwarikesh Sugar hits 5% upper limit as board to mull share buyback

The counter has seen heavy volumes of around 4.06 lakh shares as against the two-week average volume of around 1.46 lakh shares on the BSE.

Shares of Dwarikesh Sugar were locked at the 5 per cent upper limit at Rs 81.94 on the BSE in Saturday's special trading session owing to plans of share buyback by the company.

At 11:55 am, the stock remain locked in the maximum upper limit for the day (capped at 5 per cent owing to the special trading session) with trades of around 4.06 lakh shares as against the two-week average volume of around 1.46 lakh shares on the BSE. 

Meanwhile, the S&P BSE Sensex was up 0.1 per cent at 73,850 levels.

As per an exchange filing by the company post market hours on Friday, the company has scheduled its board meeting on March 08 to consider a proposal for buyback of fully paid-up equity shares of the company.

For the quarter ended December 2023 the company had reported a 6.7 per cent decline in net profit at Rs 0.98 crore when compared with Rs 1.05 crore in the corresponding quarter a year ago. Total income was down 18.5 per cent YoY at Rs 31.29 crore from Rs 38.38 crore.

In the last five months, the stock has shed 25 per cent as against a 12 rally on the BSE benchmark index.