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Renuka Sugars falls after Singapore company plans for buying stake

It has been reported that Singapore based Wilmar International has been looking forward to buy a major stake in the India’s largest sugar refining company – Sree Renuka Sugars.

RENUKA SUGARS

RENUKA SUGARS

Reports indicate that the Singapore based Palm oil major Wilmar is mulling to invest a sum of 145 million USD which gives a significant stake for it in Sree Renuka Sugars.

Earlier during the month, Sree Renuka Sugars had come out with dismal numbers for the third quarter. The company had posted a net loss of Rs. 19.39 crore in the third quarter, largely owing to lowered income & sales.

Apart from its seven sugar mills located in India, Renuka Sugars has a global presence with a total crushing capacity of 20.7 million tonnes per annum from eleven mills worldwide.

Wilmar is expected to complete the stake buying deal in several rounds.

 

Stock slides

RENUKA SUGARS - Narendra Mukumbi

RENUKA SUGARS - Narendra Mukumbi

However the stocks of Renuka Sugars have seen beating in the markets. The stock saw a decline of 6.5% as it traded at Rs.20.95 per share.


 

 

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