Ugar Sugar gets partial nod from Karnataka pollution board

India Infoline News Service | Mumbai | August 08, 2017 12:47 IST

Karnataka Pollution Control Board has permitted Ugar Sugar to carry out all the activities, except production.

Karnataka Pollution Control Board has permitted Ugar Sugar to carry out all the activities, except production.
As per the direction of Deputy Commissioner Belgaum, the company had stopped all the operations of unit on August 4, 2017 after 1930 hours. The company had approached Chairman Karnataka Pollution Control Board for interim relief and also simultaneously had filed appeal before the appellate authorities for stay of the operation of the order.
Presently, there are no sugar and distillery production activities due to off season. However, the company is trying to get the order for carrying out the production activities shortly.
The Ugar Sugar Works is the flagship organisation of the Shirgaokar Group of Companies. The company has been involved in the manufacture of white crystal sugar for over 75 years. The company has total five plants out of which four of them are located in Karnataka and one is in Maharashtra.
Stock View:
Ugar Sugar Works Ltd is currently trading at Rs 27, down by Rs 1.65 or 5.76% from its previous closing of Rs 28.65 on the BSE.
The scrip opened at Rs 28.35 and has touched a high and low of Rs 28.5 and Rs 26.5 respectively. So far 630264(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 322.31 crore.
The BSE group 'B' stock of face value Rs 1 has touched a 52 week high of Rs 54.15 on 05-Aug-2016 and a 52 week low of Rs 22.15 on 15-Dec-2016. Last one week high and low of the scrip stood at Rs 29.95 and Rs 26.8 respectively.
The promoters holding in the company stood at 44.98 % while Institutions and Non-Institutions held 0 % and 55.02 % respectively.
The stock is currently trading below its 200 DMA.

***Note: This is a NSE Chart

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