Shree Renuka Sugars tumbled 7.68% to Rs 56.40 at 14:56 IST on BSE, after the company acquired a majority stake in a sugar firm based in Karnataka.
The company made the announcement of the acquisition during trading hours today, 20 October 2008.
The stock hit a high of Rs 63.60 so for during the day. The stock hit a low of Rs 55.50 so far during the day, which is a 52-week low for the counter. The stock has a 52-week high of Rs 142.20 on 6 August 2008.
The company’s current equity is Rs 27.60 crore. Face value per share is Rs 1.
The current price of Rs 56.40 discounts the company’s Q3 June 2008 annualized EPS of Rs 3.41, by a PE multiple of 16.54.
The company has acquired 87% stake in Gokak Sugars of Karnataka for a consideration of Rs 69.30 crore which includes assumption of debt of Rs 65 crore. Gokak Sugars has 2500 tons of cane per day (TCD) sugar manufacturing unit and a 14 megawatt (MW) co-generation power plant at Belgaum in Karnataka.
The company also won a 30-year lease of Raibag Sahakari Sahar Karkhana Niyamit (SSKN) of Karnataka. Raibag SSKN has a sugar manufacturing capacity of 2500 TCD.
Shree Renuka Sugars, net profit fell 27% to Rs 23 crore on 215.3% fall in net sales to Rs 612 crore in Q3 June 2008 over Q3 June 2007.
Shree Renuka Sugars is a fully integrated manufacturer of sugar, power and ethanol.
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