Andhra Sugars dips 6%; no crushing at Tanuka unit in 2017-18

The company said it took the decision as carrying on operations was not viable.

Oct 30, 2017 12:10 IST India Infoline News Service

Andhra Sugars fell nearly 6% at around 12:15 PM, as the company said there will be no crushing operations at its Tanuka sugar unit in Andhra Pradesh for the 2017-18 (Oct-Sep) season.

The company took the decision as carrying on operations was not viable, it said in a filing to the exchanges on Saturday, but did not disclose any reasons for the same.

On Saturday, the company reported a 14% year-on-year decline in its Jul-Sep revenue from operations to Rs 2.5 billion. However, net profit for the September quarter rose 7% on year to Rs 295.2 million.

Andhra Sugars Ltd is currently trading at Rs 559.75, down by Rs 32.45 or 5.48% from its previous closing of Rs 592.2 on the BSE. The scrip opened at Rs 588 and has touched a high and low of Rs 588 and Rs 557.25 respectively. So far 210106(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1605.45 crore.

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