The Shree Renuka Sugars stock had jumped 4.32% to Rs 72.40 on Tuesday, 7 September 2010.
Meanwhile, the BSE Sensex was down 34.40 points, or 0.18% at 18,610.66
On BSE, 11.05 lakh shares were traded in the counter as against an average daily volume of 12.28 lakh shares in the past one quarter.
The stock hit a high of Rs 74.90 and a low of Rs 72.50 so far during the day. The stock had hit record high of Rs 123.60 on 7 January 2010 and a 52-week low of Rs 51.50 on 12 May 2010.
The mid-cap stock had outperformed the market over the past one month till 7 September 2010, gaining 7.10% compared with the Sensexs 2.76% rise. It also outperformed the market in past one quarter, surging 15.65% as against 11.11% rise in the Sensex.
The company has an equity capital of Rs 66.98 crore. Face value per share is Re 1.
As per reports, Shree Renuka Sugars is planning a joint venture with Hindustan Petroleum Corporation (HPCL) to set up an integrated sugar-cum-ethanol plant in Maharashtra. Shree Renuka Sugars will hold 76% in the joint venture (JV), while the state-owned HPCL will hold the balance 24%.
Earlier, in September 2008, Shree Renuka Sugars had signed a memorandum of understanding (MoU) with HPCL for setting up an integrated sugar plant in Maharashtra.
Meanwhile, Shree Renuka Sugars is also reported to be in talks with the Delhi-based broker Jaypee Capital to form a consortium for picking up to 26% stake, or become an anchor investor, in commodity exchange NCDEX. Shree Renuka Sugars already holds a 5% stake in NCDEX.
Shree Renuka Sugars consolidated net profit rose 15.5% to Rs 90.20 crore on 123.8% jump in net sales to Rs 1999.50 crore in Q3 June 2010 over Q3 June 2009.
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