Dhampur Sugar Mills soars over 3%

India Infoline News Service | Mumbai | June 01, 2017 11:09 IST

Dhampur Sugar Mills, one of the leading integrated sugarcane processing companies in India soared on the bourses with gains as much as 3.3% on the NSE at 1000 hours.

Dhampur Sugar Mills, one of the leading integrated sugarcane processing companies in India soared on the bourses with gains as much as 3.3% on the NSE at 1000 hours.

The Cabinet Committee on Economic Affairs (CCEA) has agreed to fix the fair and remunerative price (FRP) for sugarcane at Rs 255 per quintal for the new sugar season (October-September) in a meeting held on May 24, 2017.

This 11% rise in FRP has taken place after two years. Last year, the government had kept prices unchanged at Rs 230 per quintal.

ICRA, a leading research and credit rating agency, said the 11% increase FRP for sugarcane is likely to impact sugar millers’ margins.

Stock view:
 
Dhampur Sugar Mills Ltd is currently trading at Rs 182.25, up by Rs 4.9 or 2.76% from its previous closing of Rs 177.35 on the BSE.
 
The scrip opened at Rs 183.9 and has touched a high and low of Rs 184 and Rs 181 respectively. So far 329215(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1177.38 crore.
 
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 256.6 on 21-Apr-2017 and a 52 week low of Rs 91.15 on 01-Jun-2016. Last one week high and low of the scrip stood at Rs 214.25 and Rs 176.15 respectively.
 
The promoters holding in the company stood at 49.09 % while Institutions and Non-Institutions held 5.03 % and 45.88 % respectively.
 
The stock is currently trading below its 50 DMA.

***Note: This is a NSE Chart

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

 

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