Shree Renuka Sugars Sees Stock Gain After Completing 100% Stake Acquisition of Anamika Sugar Mills
On October 9, shares of Renuka Sugar witnessed a nearly 1 percent increase in early trade following the company’s acquisition of a 100 percent stake in Anamika Sugar Mills.
As of 9:34 am, the Renuka Sugar Mills stock was trading 0.24 percent higher at Rs 55.14 on the NSE.
Shree Renuka Sugars, a prominent player in the sugar industry, has successfully concluded the acquisition of 100 percent equity shares of Anamika Sugar Mills for a total of Rs 235.5 crore. This strategic move allows the company to establish a strong presence in Uttar Pradesh, one of the largest sugar-producing states in India. Moreover, it positions Shree Renuka Sugars to better serve the markets in North and East India, as outlined in a BSE filing dated October 6.
In its most recent financial report for June 2023, Shree Renuka Sugars posted noteworthy growth in its net sales, which reached Rs. 2,214.50 crores. This represents a substantial increase of 15.36 percent compared to the corresponding period in 2022, when sales amounted to Rs. 1,919.70 crores.
However, the company did report a net loss of Rs. 104.50 crore in June 2023, a marginal decrease of 1.06 percent compared to the net loss of Rs. 103.40 crore in June 2022. On a positive note, the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for June 2023 reached Rs. 152 crores, reflecting impressive growth of 111.99 percent compared to Rs. 71.70 crore in June 2022.
Stock Performance
In terms of the company’s stock performance, Shree Renuka Sugar’s stock has delivered a return of 19.16 percent over the past six months. In comparison, the benchmark Nifty50 index has generated a return of 11.52 percent over the same duration.
