Dalmia Bharat Sugar hits 52-week high on getting nod to set up Greenfield Sugar Plant in Uttar Pradesh

At 10:30 am, Dalmia Bharat Sugar & Industries shares were trading at Rs 478.95, up by 2.48% from its previous closing of Rs 467.35 on the BSE.

Dalmia Bharat Sugar & Industries’ board has accorded its in-principal approval for setting up a Greenfield Sugar Plant in Uttar Pradesh for a capacity of upto 8000 TCD cane crush, 20MW Cogen and 60KLPD distillery to be set up in phased manner commensurate with the cane development activities in the area.

For the first phase of 4000 TCD cane crushing capacity with 10 MW Cogen (to be operational from SS 26-27), the Board has sanctioned a capital outlay of Rs 350 crore, which will get financed partly through internal accruals and partly through debts. The existing capacities are Sugar – 38450 TCD, Distillery – 710 KLPD and Cogen – 126 MW. Same are 100% utilized. At its meeting held on November 06, 2023, the Board of Directors of the Company has accorded its in-principal approval for the same.

The company also announced its financial results for the September quarter with net profit rising over six-fold to Rs 54.9 crore supported by strong demand and higher domestic prices. Revenue from operations rose by 26% YoY to Rs 732 crore.

Dalmia Bharat Sugar and Industries has been one of the fastest-growing success stories in the Indian sugar industry. The company is mainly engaged in manufacturing of sugar, generation of power, manufacturing of Industrial alcohol and manufacturing of refractory products.

On Tuesday, the stock opened at Rs 483.75 and has touched a high and low of Rs 490.05 and Rs 471.30 respectively. The BSE group ‘B’ stock of face value Rs 2 has touched a 52-week high and low of Rs 490.05 and Rs 310.50, respectively. Last one week high and low of the scrip stood at Rs 490.05 and Rs 444.15 respectively. The current market cap of the company is Rs 3,854.33 crore.

The promoters holding in the company stood at 74.91%, while Institutions and Non-Institutions held 1.21% and 23.88% respectively.

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