Shree Renuka Sugars plunges over 2% post Q1 results

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New Delhi | Updated: August 23, 2016 5:05:12 PM

Shree Renuka Sugars were trading lower in afternoon trade on Tuesday despite the company reported a net profit of Rs 3.2 crore for the quarter ended June 30, 2016

SugarShree Renuka Sugars were trading lower in afternoon trade on Tuesday despite the company reported a net profit of Rs 3.2 crore for the quarter ended June 30, 2016 (Reuters)

Shree Renuka Sugars were trading lower in afternoon trade on Tuesday despite the company reported a net profit of Rs 3.2 crore for the quarter ended June 30, 2016 against net loss of Rs 150.2 crore in the corresponding quarter a year ago. Net sales of the company increased by 3.50 per cent at Rs 1603.60 crore for quarter under review as compared to Rs 1549.30 crore for the quarter ended June 30, 2015. At 12.27 pm, shares of Shree Renuka Sugars were trading 0.30 per cent down at Rs 16.65. The scrip opened the day at Rs 16.80 and has touched a high and low of Rs 17.20 and Rs 16.50, respectively, in trade so far. Later, the scrip closed 2.10 per cent down at Rs 16.35.

Operating profit of the company jumped by 212.98 per cent to Rs 129.70 crore for the quarter ended June 30, 2016 against operating loss of Rs 114.80 crore in the corresponding quarter last year.

Promoters hold 55.45 per cent stake in Shree Renuka Sugars, while public hold 44.55 per cent stake in the Shree Renuka Sugars, according to the data available with BSE.

In the past one year, shares of Shree Renuka Sugars soared by 127.21 per cent to Rs 16.70 till August 22. Shares of the company were trading at Rs 7.35 on the same day a year ago. Benchmark BSE Sensex jumped 8.72 per cent during the same period.

Shree Renuka Sugars is one of the the largest sugar producers in the world, the leading manufacturer of sugar in India, and one of the largest sugar refiners in the world.

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