Mawana Sugars surges on plan to sell one of units to Indian Potash

21 Nov 2016 Evaluate

Mawana Sugars is currently trading at Rs. 49.35, up by 6.70 points or 15.71% from its previous closing of Rs. 42.65 on the BSE.

The scrip opened at Rs. 46.30 and has touched a high and low of Rs. 50.20 and Rs. 46.30 respectively. So far 77,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 71.40 on 11-Jul-2016 and a 52 week low of Rs. 15.20 on 09-Dec-2015.

Last one week high and low of the scrip stood at Rs. 50.20 and Rs. 34.65 respectively. The current market cap of the company is Rs. 194.02 crore.

The promoters holding in the company stood at 69.88%, while Institutions and Non-Institutions held 2.01% and 28.10% respectively.

Mawana Sugars has agreed to sell one of the operating units of the company ‘Titawi Sugar Complex (TSC)’ situated at Titawi, Muzaffarnagar district in state of Uttar Pradesh as a going concern on an ‘As is Where is What is’ basis to Indian Potash. The company has received the Board of Directors approval for the same. The above is however subject to all statutory and other necessary approvals, including shareholders’ approval.

This step has been taken to liquidate huge cane arrears seriously effecting the fortunes of the entire company. The sale of this unit will put the rest of the company on the path of financial health.

Mawana Sugars has been engaged in the business of manufacture and selling of chemicals, sugar and edible oils.


Mawana Sugars Share Price

100.50 -0.55 (-0.54%)
20-Dec-2024 16:59 View Price Chart
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